Revise your calculations based the new information provided below and then answer the questions that follow. Inventory Item A Item B Item C Item D Number of Units 5,000 4,300 2,700 2,900 Unit Cost 32 55 56 30 Unit NRV 31 62 54 28 Required: 1. Based on the new information, prepare the journal entry required: 2. Change the Unit Cost for Item A to $30 and prepare the journal entry required: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on the new Information, prepare the journal entry required: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction ist Journal entry worksheet Required 1 Required 2 Based on the new information, prepare the journal entry required: (If no entry is required for a transaction/event, select Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the cost of goods sold. Note: Enter debits before credits Transaction General Journal Debit Credit 1 3. Which statement below is true? When the net realizable value folls below its original cost companies have a choice as to which valuation to report the Inventory (original cost or net realizable value) o The write-down of inventory from cost to net realizable volue reduces total assets and increases total expenses, leading to lower net income and lower retained earnings. Net realizable value is defined as the estimated selling price plus any additional costs (e. completion, disposal, transportation) Inventory write downs to net realizable value occur as the inventory is sold