14. At 12/31/17, the end of Jenner Companys first year of business, inventory was $7,381 and $6,171 at cost and at market, respectively. Following is data relative to the 12/31/18 inventory of Jenner Original Cost Per Unit $.65 45 70 75 .90 Net Realizable Appropriate Net Replacement Realizable Value Less Inventory Cost S.45 .40 .75 65 .85 ltem Value Normal Profit Value Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1,500 units of each item in the 12/31/18 inventory Instructions (8pts) (a) Prepare the entry at 12/31/17 necessary to implement the lower-of-cost-or-marke procedure assuming Jenner uses a contra account for its balance sheet. (b) Complete the last three columns in the 12/31/18 schedule above based upon the lower-of cost-or-market rules Prepare the entry(ies) necessary at 12/31/18 based on the data above. How are inventory losses disclosed on the income statement? (c) (d) 2-5