Required information Problem 6-4A Report inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. 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 fleld.) Journal entry worksheet The write-down of inventory from cost to net realizable value reduces total assets and increases total expenses, leading to lower net income and ower retained earnings. True or False