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Required information Problem 6-4B Report inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below.) A home improvement store, like Lowe's, carries the following items: 120 Inventory Items Quantity Unit Cost Unit NRV Hammers $ 6.60 $ 7.10 Saws 40 9.60 8.60 Screwdrivers 120 1.60 2.20 Drills 30 24.60 21.20 1-gallon paint 150 5.10 4.60 cans Paintbrushes 170 5.60 6.10 Problem 6-4B Part 4 4. The write-down of inventory from cost to market net realizable value reduces total assets and increases total expenses, leading to lower net income and lower retained earnings. True or False True False