At 12/31/20, the end of Pharoah Company's first year of business, Inventory was $7,500 and $4,550 at cost and at market, respectively. Following is data relative to the 12/31/21 Inventory of Jenner: Original Cost Replacement Item Per Unit Cost $0.55 $0.45 0.55 0.50 C 0.85 0.90 D 0.60 0.80 0.50 0.75 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 1,400 units of each Rem in the 12/31/21 inventory. Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assuming Pharoah uses a contra account for Rs balance sheet. (Credit account are automatically Indented when the amount is entered. Do not Indent manually.) Date Account Titles and Explanation 12/31/20 Loss Due to Decline of Inventory to Market Allowance to Reduce Inventory to Market Debit Credit 2950 2950 Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Item Original Cost Per Unit Replacement Net Realizable Value Net Realizable Value Less Normal Profit Approphate Inventory Value Cost $0.55 $0.45 0.55 0.50 0.85 0.90 0.60 0.50 0.80 0.75 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 Date Account Titles and Explanation Debit Credit 12/31/21 12/31/21 (To record cost of goods sold) Prepare the entries necessary at 12/31/21 based on the data above. (Credit account titles are automatically Indonted when the amount is entered. Do not indent man Date Account Titles and Explanation Debit Credit 12/31/21 12/31/21 (To record cost of goods sold) (To record profit/ loss) How are Inventory losses disclosed on the income statement? Inventory losses can be disclosed separately below Click if you would like to Show Work for this question: Open Show Work or they can be shown as part of