Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its 5UV s. vans, and trucks. Required: 1. Compute the total cost of the entire imventory 2. 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 3. Record any necessary adjusting entry to wite down inventory from cost to net realizable value 4. Determine the financial statement effects of using lower of cost and net realizabie value to report inventory Complete this question by entering your answers in the tabs below. Detormine the finsodial statement effects of ining lower of cost and net realizable valun to report inventory (Hake sure to entar amounts leading to ace With a mifuse signd A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the car dealership has Required