Lower-of-cost-or-market. At 12/31/20, the end of Mathers Company's first year of business, inventory was $18,700 and $15,300 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Net Net Realizable Appropriate Original Replacement Realizable Value Less Inventory Per Unit Cost Cost Value Normal Profit Value A 2.25 2.02 1.85 2.35 mo 2.28 1.45 1.65 1.76 1.77 2.25 Selling price is $2.60/unit for all items. Disposal costs amount to 15% of selling price and a "normal" profit is 25% of selling price. There are 3,875 units of each item in the 12/31/21 inventory. Instructions a) Prepare the entry at 12/31/20 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet. b) Complete the last three columns in the 12/31/21 schedule above based upon the lower-of-cost-or-market rules. c) Prepare the entry(ies) necessary at 12/31/21 based on the data above. d) How are inventory losses disclosed on the income statement