At 12/31/20, the end of Blossom Company's first year of business, inventory was $ 6,000 and $ 4,500 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Cost Per Unit Replacement Item Cost A A $0.60 $0.30 0.35 0.40 0.60 0.65 D 0.60 0.50 mo E 0.70 0.65 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 1,200 units of each item in the 12/31/21 inventory 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.) Date Account Titles and Explanation Debit Credit 12/31/21 (To record cost of goods sold) 12/31/21 (To record profit/ loss) (To record profit/ loss) How are inventory losses disclosed on the income statement? Inventory losses can be disclosed separately below or they can be shown as part of How are inventory losses disclosed on the income statement? d separately below or they can be shown as part of