A local Chevrolet dealership carries the following types of vehicles:

Inventory Items	Quantity	Unit Cost	Unit NRV
Vans	3	$19,500	$17,500
Trucks	6	16,500	15,500
2-door sedans	2	11,500	13,500
4-door sedans	7	15,500	18,500
Sports cars	3	29,500	32,500
SUVs	5	27,000	20,500

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

Income Statement:
Revenues			Expenses		=	Net Income
Balance Sheet:
Assets		=	Liabilities		+	Stockholders Equity
	Inventory

Required 3