A home improvement store, like Lowe$$s$,$ carries the following items:Compute the total cost of inventory.

Total cost

Inventory Items Quantity Unit Cost Unit NRV

Hammers $110$ $$7\mathrm{.}10$ $$7\mathrm{.}60$

Saws $6010\mathrm{.}109\mathrm{.}10$

Screwdrivers $1402\mathrm{.}102\mathrm{.}70$

Drills $5025\mathrm{.}1022\mathrm{.}20$

One$-$gallon paint cans $1705\mathrm{.}605\mathrm{.}10$

Paintbrushes $1906\mathrm{.}106\mathrm{.}60$

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.

$3.$ Record any necessary adjusting entry to write down inventory from cost to net realizable value.

$4.$ Determine the financial statement effects of using lower of cost and net realizable value to report inventorCompute the total cost of inventory.

Total cost