Requlred 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: ETMT Inventory Items Quantity Unit Cost Unit NRV $ 6.40 $ 6.90 Hammers 11e Saws 68 9.40 8.40 Screwdrivers 140 1.46 2.ee Drills 24.4 56 20.88 1-gallon paint cans 4.48 170 4.90 Paintbrushes 198 5.40 5.90 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. Multiply the quantity of each Inventory Item by the appropriate cost or NRV amount and place the total In the "Lower of Cost and NRV" column. Then determine the total of that column. (Round "Cost per Unit" to 2 decimal places.) Lower of Cost Cost or NRV and NRV per Inventory Items Total unit Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushes Total Problem 6-4B Part 3 3. Prepare necessary entry to wrte 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 fleid.) View transaction list Journal entry worksheet