Because of recent Increases in gasoline prices, the car dealership has noticed a reduced demand for Its SUVs, vans, and trucks.

Requlred:

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 elther the

Unit Cost or Unit NRV In the "Lower of Cost and NRV per unlt" 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 financlal 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.

Required $1$

Required $3$

From the information in the previous requirements, determine the financial statement effects of using lower of cost and net realizable value to report inventory.

Note: Amounts to be deducted should be indicated with a minus sign.