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5 Problem 6-4A (Algo) Report Inventory using lower of cost and net reallzable value (LO6-6) 20 points A local Chevrolet dealership carries the following types of vehicles: Inventory Items Quantity Unit Cost Unit NRV Vans $17, 808 $15,080 Trucks 16, 808 15,808 Book 2-door sedans 11, 808 13,808 WNMHUN 4-door sedans 15, 808 18,808 Sports cars 27, 808 38, 808 SUVS 26, 808 18,868 Print Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUV's, vans, and trucks. Required: References 1. Compute the total cost of the entire inventory. 2. Determine whether each inventory item would be reported at cost or net realizeble 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. Complete this question by entering your answers in the tabs below. 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. Note: Make sure to enter amounts leading to account reduction with a minus sign. Income Statement: Revenues - Expenses = NetIncome Balance Sheet = Stockholders" Equity