Current Attempt in Progress At 12/21/20, the end of Ivanhoe Company's first year of business, Inventory was $7,000 and $5,250 at cost and at mariect respectively. Following data relative to the 12/21/21 Inventory of Jenner: Original Coat Replacement Item Per Unit Cost A $0.65 $0.50 0.40 0.25 0.75 D 0.70 0.50 0.20 0.75 Selling price $1.00/Unit for all Disposal cost amount to 10% of cling price and a "normal" profits 20% of cling price There are 1,200 units of each em in the 12/21/21 Inventory (a) Your answer has been saved. Sccscore detalls after the due date Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-market procedure assuming Ivanhouses contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) (b) (c) Date Account Titles and Explanation 12/31/20 Le Due More Decofinery Reduce inventory to Marke List of Accounts Debit 1753 Complete the last three columns in the 12/21/21 schedule below based upon the lover of cost-market Replacement Cost Original Cost Per Unit $0.65 $0.50 $ 0.40 0.35 Net Reall Value List of Accou 0.75 0.00 0.70 0.60 0.00 0.75 Credit 175 Attempte: 1 of 1 and Net Realable Value Less Normal Profit Attempt: 0 of 1 S 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 Date Account Titles and Explanation 12/31/21 Allevance Reduce Inventary to Marken 12/31/21 Case of Goods Sold (To record cost of goods sold) Lase Due More Decine of Inventory Allence Reduce Inventory Mor (To record profit loss) Debit Credit