A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the cor dealership has noticed o reduced demand for its suVs: vons, and trucks Required: 1. Compute the total cost of the entire inventory. 2. Determine wiether eoch inventory item would be reported ot cost or net realizable value (NRV) Enter the ainount of elther the Unit and enter it in the Totai column 3. Record any necessary adjusting entry to write down inventory from cost to net reolzable value 4. Determine the financial stotement effects of using lower of cost and net realizable volue to teportioventon Complete this question by entering your answers in the tabs below. Compute the total cost of the entire inventory, A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the car dealership has noticed a reduced demond for its SUVs, vans, and urucks Required: 1. Compute the total cost of the entire inventory 2. Determine whether each inventory item would be reported at cost or net realizable value INRVi Enter the amount of either the Un Cost or Unit NRV in the "Lower of Cost and NRV per unit" column and then multiply this omount by the quantity of each loventory iter and enter it in the Totol column. 3. Record any necessary odjusting entry to write down inventory from cost to net fealizable value 4. Detetmine the finoncial statement effects of using lower of cost and net realizable value to report inveptory Complete this question by entering your answers in the tabs below. Determine whether each inve Ory item would be reported at cost or net realizable value (NRV). Enter the onount 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. -ost or Unit wkv in the Lower of Lost ono ivkv per unit coiumn and then mutbpy this amount oy the quantity of eacn inventony rem and enter it in the Total column. 3. Record any necessary adjusuing entry to write down inventory from cost to net real zable value. 4. Determine the financial statement effects of using lower of cost and net realizoble value to repoit inventory. Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry to write down inventory from cost to net realizable value. (If no enitry is cequired for a transactionvevent, select "No Journal Entry Required" in the first account fiedd.) Journal entry worksheet Record any necessacy adjustino entry for inventory. ecouse of recent increases in gasoline prices, the car dealersh phas noticed o reduced demand for its SUVs, varis, ond trucks. equired: Compute the total cost of the entire inventory. Determine whether eoch inventory item would be reported ot cost or net realizable value (NRV). Enter the amount of either the Unit cost or Una 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. Record any necestaty odjusting entry to write down inventory from cost to net realizoble value. 4. Determine the financial stotement effects of using lower of cont ond net reolizable value to report inventory Complete this question by entering vour answers in the tabs below. Determine the finandal statenent effechiof using lower of cost and net reafizable value to report inventory. (Make sure to enter amounts leading to a with a minus slon