CALCULATOR PULL SCREEN PRINTER VERSION BACK NEXT Exercise 143 (Part Level Submission) At 12/31/17, the end of Jenner Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/18 inventory of Jenner: Original Replacement Item Per Unit Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1,500 units of each item in the 12/31/18 inventory. (a) Your answer is correct. Prepare the entry at 12/31/17 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Dale Ar t ist 1291 Loss Due to Decline of Inventory to Market - 1000 Allowance to Reduce Inventory to Market Attemptei sed (b) Complete the last three columns in the 12/31/18 schedule below based upon the lower-of-cost-or-market rules. Cost Replacement Net Realizable Value Replace Net Realizable Value Less Normal Profit Appropriate Inventory Per Unit Item A $.65 C70 075 Attempts: 0 of 3 used