A home improvement store carries the following items: Required: 1. Compute the total cost of inventory. 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. 3. Record any necessary adjusting entry to write down inventory from cost to net realizable value. 4. Indicate if the following statement is true or false: The write-down of inventory from cost to net realizable value reduces total assets and increases total expenses, leading to lower net income and lower retained earnings. Complete this question by entering your answers in the tabs below. Compute the total cost of inventory. A home improvement store carries the following items: Required: 1. Compute the total cost of inventory. 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. 3. Record any necessary adjusting entry to write down inventory from cost to net realizable value. 4. Indicate if the following statement is true or false: The write-down of inventory from cost to net realizable value reduces total assets and increases total expenses, leading to lower net income and lower retained earnings. Complete this question by entering your answers in the tabs below. Compute the total cost of inventory