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 Cost Replacement Net Realizable Net Realizable Appropriate Item Per Unit Cost Value Value Less Normal Profit Inventory Value ABC $0.65 $0.45 0.45 0.40 0.70 0.75 DE 0.75 0.65 0.90 0.85 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. Required: (a) 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?