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A local Chevrolet dealership carries the following types of vehicles: Inventory Items Quantity Unit Cost Unit NRV Vans 4 $ 1 7 , 5 0

A local Chevrolet dealership carries the following types of vehicles:
Inventory Items Quantity Unit Cost Unit NRV
Vans 4 $ 17,500 $ 15,500
Trucks 716,10015,100
2-door sedans 311,10013,100
4-door sedans 515,10018,100
Sports cars 127,50030,500
SUVs 626,20018,500
Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.
Required:
Compute the total cost of the entire inventory.
Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the Unit Cost or 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.
From the information in the previous requirements, determine the financial statement effects of using lower of cost and net realizable value to report inventory.
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