Inventory Itens Quantity Unit Cost Unit NRV 110 $6.40 Savs 60 9.40 $6.90 8.40 Screwdrivers 140 1.40 2.00 Drills 50 24.40 20.80 One-gallon paint cans 170 4.90 4.40 Paintbrushes 190 5.40 5.90 Required: 1. Compute the total cost of inventory. 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. 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. (Make sure to enter amounts leading to account reduction with a minus sign.) Revenues Income Statement: Expenses Net Income Balance Sheet Assets Liabilities Stockholders' Equity