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: Problem 6-4B Part 1 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. (Round "Cost per Unit" to 2 decimal places.) 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.) Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits