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Or At 12/31/20, the end of Ivanhoe Company's first year of business, inventory was $6,800 and $4,550 at cost and at Pe market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Cost Replacement Item Per Unit Cost A $0.55 $0.35 B 0.40 0.35 0.85 0.90 D 0.85 0.75 te et E 0.85 0.80 mati Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of Acca selling price. There are 1,400 units of each item in the 12/31/21 inventory. Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assuming Ivanhoe uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/20 Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Original Cost Replacement Net Realizable Net Realizable Value ppropriate Item Per Unit Cost Value Less Normal Profit Valu $ A $0.55 $0.35 B 0.40 0.35 0.85 0.90 D 0.85 0.75 E 0.85 0.80 5 Prepare the entries necessary at 12/31/21 based on the data above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare the entries necessary at 12/31/21 based on the data above. (Credit account titles are automa indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/21 (To record cost of goods sold) 12/31/21 is (To record profit/ loss) How are inventory losses disclosed on the income statement? er Inventory losses can be disclosed separately below or they can be shown as pa Eco Question Attemnts