A local Chevrolet cealership carnes the following types of vehicles: Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 1. Compute the totai cost of the entire irventory 2. Determune whether each inventory item would be reported at cost or net reaizable value (NRV). Enter the amount of either the Unit cost of Unit NRV in the 'Lower of Cost and NRV per unit' column and then multiply this amount by the quantity of each inventory item and enter it in the Total column 3. Pecord 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 inventory. Complete this question by entering your answers in the tabs below. Determine the financial statement elfects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading wah a minus sion.)