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 Homers 11 $7.30 Saw $7.80 50 10.30 9.30 Screwdrivers 130 2.30 Drills 2.90 40 25.30 22.60 1-gallon paint cans 160 5.80 Paintbrushes 5.30 6.30 6.80 18 Problem 6-4B Part 1 Required: 1. Compute the total cost of inventory. Total cost 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.) Inventory Items Lower of Cost Cost or NRV and NRV per unt Total Hammers Saws Screwdrivers Dres 1 gallon paint can Paint brushes Total View transaction list Journal entry worksheet