Pharoah Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $908000. Information pertaining to that inventory follows: Estimated selling price $940000 Estimated cost of disposal 32000 Normal profit margin 112000 Current replacement cost 828000 Pharoah records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, the loss that Pharoah should recognize is

Bruce matthews played football for the tennessee titans. as part of his contract, he agreed to submit any dispute to arbitra- tion. he also agreed that tennessee law would determine all matters related to workers' compensation. after matthews retired, he filed a workers' compensation claim in california. the arbitrator ruled that matthews could pursue his claim in california but only under tennessee law. should this award be set aside?