At 12/31/20, the end of Sheridan Company's first year of business, inventory was $6,900 and $5,050 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: 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 1,800 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 Sheridan uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules, \begin{tabular}{ccc} \multicolumn{2}{c}{ Original Cost Per Unit } & Rep \\ Item & $0.85 \\ A & 0.55 \\ B & 0.80 \\ C & 0.65 \\ D & 0.70 \\ E & \\ \end{tabular} 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.)