At 12/31/21, the end of Cushing Company's first year of business, inventory was $6,800 and $6,500 at cost and at net realizable value, respectively. The following data relates to the 12/31/22 inventory of Cushing:- Selling price is $2.00 per unit for all items. Disposal costs amount to 15% of selling price, and a normal profit is 40% of selling price. There are 1,000 units of each item in the 12/31/22 imventory a. Prepare the entryat 12/31/21 necessary to implement the lower of cost or NRV procedure assuming Cushing uses a contra account (Allowance) for its balance. b. Determine the lower of cost or NRV for the inventory at 12/31/22. c. Prepare the entries necessary at 12/31/22 based your computations. d. How are inventory losses disclosed on the income statement for 2022 ? e. Assume, instead, that cushing uses the UFO imventory costing assumption. What would be different about your response to the questions above? Marsh Company began operations on 1/1/22. At 12/31/22, the following data were available: Compute the ending inventory at cost at 12/31/22 using the conventionat retail inventory method. Your solution should be in good form with amounts clearly labeled. What adjustment will Marsh need to make to apply the LCOM rule to its ending inventory for balance sheet presentation