At 12/31/20, the end of Cullumber Company's first year of business, inventory was $ 6,100 and $5,350 at cost and at market. respectively Following is data relative to the 12/31/21 inventory of Jenner: Original Cost Per Unit Item Replacement Cost $0.40 A $0.80 B 0.50 0.45 C 0.80 0.85 D 0.60 0.50 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" profitis 20% of 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 Cullumber 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 Per Unit Replacement Cost Net Realizable Value Net Realizable Value Less Normal Profit Item $ 0.80 $0.40 $ $ B 0.50 0.45 C 0.80 0.85 D 0.60 0.50 E 0.70 0.65 5 $ I 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) Debit Credit Date Account Titles and Explanation 12/31/21 (To record cost of goods sold) 12/31/21 (To record profit/ loss) How are inventory losses disclosed on the income statement? or they can be shown as part of Inventory losses can be disclosed separately below List of Accounts Attempts: 0 of 1 used Submit Answer Save for Later t? or they can be shown as part of