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3. Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry Required information Problem 6-4B Report inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.) A home improvement store, like Lowe's, carries the following items: Inventory Items Quantity Unit Cost Unit NRV Hammers 120 $ 7.20 $ 7.70 Saws 40 10.20 9.20 Screwdrivers 120 2.20 2.80 Drills 30 25.20 22.40 1-gallon paint 150 5.70 5.20 cans Paintbrushes 170 6.20 6.70 Problem 6-4B Part 2 2. Determine whether each inventory item would be reported at cost or net realizable value, and then place that unit amount in the "Lower of Cost and NRV per unit" column. Multiply the quantity of each inventory item by the appropriate cost or NRV unit amount and place the total in the "Total" column. (Round "Cost per Unit" to 2 decimal places.) Answer is complete and correct. Inventory Items Cost or NRV Total $ Lower of Cost and NRV per unit 7.20 9.20 2.20 22.40 5.20 Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushes | Total Cost NRV Cost NRV NRV 864 368 264 672 780 Cost o 6.207 1,054 4.002 $ Required information Problem 6-4B Report inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below.) A home improvement store, like Lowe's, carries the following items: Inventory Items Quantity Unit Cost Unit NRV Hammers 120 $ 7.20 $ 7.70 Saws 40 10.209 .20 Screwdrivers 120 2.20 2.80 Drills 30 25.20 22.40 1-gallon paint 5.70 5.20 cans Paintbrushes 170 6.20 6.70 150 Problem 6-4B Part 1 Required: 1. Compute the total cost of inventory. Answer is complete and correct. Total s 4,2010