(Answered) : 1. Sandhill Distribution Co. has determined its December 31, 2017 inventory on a FIFO basis at $1052000. Information pertaining

1. Sandhill Distribution Co. has determined its December 31, 2017 inventory on a FIFO basis at $1052000. Information pertaining to that inventory follows:

Estimated selling price
$1100000

Estimated cost of disposal
48000

Normal profit margin
128000

Current replacement cost
972000

Sandhill records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2017, the loss that Sandhill should recognize is

$0.
$80000.
$128000.
$48000.
2. Concord Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory at that date was $1050000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Date Inventory at
Current Prices Current
Price Index
December 31, 2017 $1276510 107
December 31, 2018 1471250 125
December 31, 2019