2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Value Normal Profit Value $.65 $.45 .45 .70 .75 .75 .65 .90 Cost .40 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 12/31/21 inventory (10 points) Instructions la Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet. (b) Complete the last three columns in the 12/31/21 schedule above based upon the lower-of cost-or-market rules. (c) Prepare the entry(ies) necessary at 12/31/21 based on the data above. (d) How are inventory losses disclosed on the income statement