Following is data relative to the 12/31/2021 inventory of Brown Company: Original Cost Per Unit $65 45 95 75 90 $370 Item A B C D E S Selling price is $90/unit for items A, B, and C and $80/unit for items D and E. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. Required: a. Using the lower-of-cost-or-net realizable value (LCNRV) approach applied on an individual- item basis, complete the last two columns in the 12/31/2021 schedule above. The NRV for item A is given as an example. NRV $81 b. Prepare the journal entries necessary at 12/31/2021 based on the data above using either Loss method or COGS method. Item A B C D E c. Using the lower-of-cost-or-market (LCM) approach applied on an individual-item basis, complete the last four columns in the 12/31/2021 schedule below. The ceiling and floor for item A are given as an example. Original Cost Per Unit $65 45 95 75 90 $370 Replacement Cost $ 45 40 75 65 95 Appropriate Inventory Value Ceiling $ 81 Floor $54 Designated Market Value Appropriate Inventory Value