Check my work View previ 25 A home improvement store carries the following items: 20 points Inventory Items Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushers Quantity Cost per Unit 110 $ 6 60 11 120 3 50 22 150 5 170 7 NRV per Unit $ 7 9 2 21 6 8 eBook Required: Print 1. Compute the total cost of inventory. 2. Determine whether each inventory item would be reported at cost or net realizable value. Multiply the quantity of each inventory item by the appropriate cost or NRV amount and place the total in the Lower of Cost and NRV column. 3. Prepare necessary entry to write down inventory from cost to net realizable value. 4. The write-down of inventory from cost to net realizable value reduces total assets and increases total expenses, leading to lower net income and lower retained earnings. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine whether each inventory item would be reported at cost or net realizable value. Multiply the quantity of each inventory item by the appropriate cost or NRV amount and place the total in the "Total column. es Lower of Cost and NRV Lower of Cost Cost or NRV or NRV per unit Total Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushers Total $ 0 Required 1 Required 3 21 Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 20 View transaction list points Journal entry worksheet eBook Record the adjusting entry for inventory. Print References Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal