local Chevrolet dealership carries the following types of vehicles:

Inventory Items Quantity Unit Cost Unit NRV

Vans $3$ $$26,500$ $$24,500$

Trucks $617,90016,900$

$2-$door sedans $212,90014,900$

$4-$door sedans $716,90019,900$

Sports cars $336,50039,500$

SUVs $529,80027,500$Complete this question by entering your answers in the tabs below.

Required $1$Required $2$Required $3$Required $4$

Determine the financial statement effects of using lower of cost and net realizable value to report inventory. $($Make sure to enter amounts leading to account reduction with a minus sign.$)$

Income Statement:

Revenues $$ Expenses $=$ Net Income

Balance Sheet:

Assets $=$ Liabilities $+$ Stockholders$$ Equity