i need some assitance with this question as i dont understand.

At 12/31/20, the end of Oriole Company's first year of business, inventory was $6,300 and $4,600 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" proft is 302 s of selfing price. There are 1.700 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 Oriole uses a contra account for its balance sheet. (Credit account titles are outomatically indented when the amount is entered. Do not indent manuali). List of Accounts Attenspts: 0 of 1 used Prepare the entries necessary at 12/31/21 based on the data above. (Credit ocrount titles are outomatioaly indented when the amount is entered. Do not indent manually) How are inventory losses disclosed on the income statement? Inventory losses can be disclosed separately below or they can be shown as part of