Make sure you have a record with an item that has 952$1 (itemlost) = some value, e.g. 4.
Look at the record in detail view. The items table will have a column called "Status", which displays the description of the LOST authorized value corresponding to the value in 952$i.
Now do an item search that displays the same item. The table will have a column called Status, but you will not see the description from the detail view. If you look at the dropdown filter at the top of the Status column, it will show values from the NOT_LOAN category.
I find this confusing.