The last part asks: or they can be shown as part of

1. cost of good for sale

2. cost of goods manufactured

3. cost of good sold

At 12/31/20, the end of Wildhorse Company's first year of business, inventory was $6,200 and $5,300 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Cost Per Unit Replacement Cost Item $ 0.60 $ 0.35 B 0.40 0.35 0.65 0.70 D 0.65 0.55 E 0.85 0.80 Selling price is $ 1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 20% of selling price. There are 1,500 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 Wildhorse uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/20 List of Accounts Save for Later Attempts: 0 of 1 used Submit Answer (b). Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Original Cost Per Unit Replacement Cost Net Realizable Value Net Realizable Value Less Normal Profit Item $0.60 $ 0.35 $ $ $ B 0.40 0.35 Complete the last three columns in the 12/31/21 schedule below based upon the lower-of-cost-or-market rules. Original Cost Per Unit Replacement Cost Net Realizable Value Net Realizable Value Less Normal Profit Item A $ 0.60 $ 0.35 $ $ $ B 0.40 0.35 C 0.65 0.70 D 0.65 0.55 E 0.85 0.80 $ $ List of Accounts Save for Later Attempts: 0 of 1 used Submit Answer 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 Debit Credit 12/31/21 (To record cost of goods sold) 12/31/21 (To record profit/ loss) List of Accounts Save for Later Attempts: 0 of 1 used Submit Answer (d) How are inventory losses disclosed on the income statement? Inventory losses can be disclosed separately below or they can be shown as part of