A local Chevrolet dealership carries the following types of vehicles: Inventory Items Vans Quantity 3 Unit...

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A local Chevrolet dealership carries the following types of vehicles: Inventory Items Vans Quantity 3 Unit Cost Unit NRV $21,000 $19,000 Trucks 6 16,800 15,800 2-door sedans 2 11,800 13,800 4-door sedans 7 15,800 18,800 Sports cars SUVS 3 5 31,000 27,600 34,000 22,000 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 1. Compute the total cost of the entire inventory. 2. Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the Unit Cost or Unit NRV in the "Lower of Cost and NRV per unit" column and then multiply this amount by the quantity of each inventory item and enter it in the Total column. 3. Record any necessary adjusting entry to write down inventory from cost to net realizable value. 4. Determine the financial statement effects of using lower of cost and net realizable value to report inventory. Required 1 Required 2 Required 3 Required 4 Compute the total cost of the entire inventory. Total cost < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the Unit Cost or Unit NRV in the "Lower of Cost and NRV per unit" column and then multiply this amount by the quantity of each inventory item and enter it in the Total column. Inventory Items Lower of Cost Cost or NRV and NRV per unit Total Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Total $ 0 Record any necessary adjusting entry to write down inventory from cost to net realizable value. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > Required 1 Required 2 Required 3 Required 4 Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.) Revenues Accounts Receivable Advertising Expense Income Statement: Expenses Balance Sheet: Liabilities Assets Cost of Goods Sold Advertising Expense < Required 3 Required 4 > Net Income + Stockholders' Equity A local Chevrolet dealership carries the following types of vehicles: Inventory Items Vans Quantity 3 Unit Cost Unit NRV $21,000 $19,000 Trucks 6 16,800 15,800 2-door sedans 2 11,800 13,800 4-door sedans 7 15,800 18,800 Sports cars SUVS 3 5 31,000 27,600 34,000 22,000 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 1. Compute the total cost of the entire inventory. 2. Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the Unit Cost or Unit NRV in the "Lower of Cost and NRV per unit" column and then multiply this amount by the quantity of each inventory item and enter it in the Total column. 3. Record any necessary adjusting entry to write down inventory from cost to net realizable value. 4. Determine the financial statement effects of using lower of cost and net realizable value to report inventory. Required 1 Required 2 Required 3 Required 4 Compute the total cost of the entire inventory. Total cost < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the Unit Cost or Unit NRV in the "Lower of Cost and NRV per unit" column and then multiply this amount by the quantity of each inventory item and enter it in the Total column. Inventory Items Lower of Cost Cost or NRV and NRV per unit Total Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Total $ 0 Record any necessary adjusting entry to write down inventory from cost to net realizable value. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > Required 1 Required 2 Required 3 Required 4 Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.) Revenues Accounts Receivable Advertising Expense Income Statement: Expenses Balance Sheet: Liabilities Assets Cost of Goods Sold Advertising Expense < Required 3 Required 4 > Net Income + Stockholders' Equity