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 Realizable Value Net Realizable Appropriate Value Less Inventory Normal Profit Value Per Unit Original Replacement Cost Cost 2.25 2.02 1.85 2.35 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