nces ed below and then answer the questions that follow. Inventory Number of Units: Unit Cost Unit NRV Item A 8,400 64 65 Item B 7,700 72 96 Item C 6,100 77 88 Item 0 6,300 64 48 Required: 1. Based on the new Information, prepare the journal entry required: 2. Change the Unit Cost for Item A to $30 and prepare the journal entry required. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on the new information, prepare the journal entry required? (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) equired information Required 1 Required 2 Based on the new information, prepare the journal entry required: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the cost of goods sold. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Change the Unit Cost for Item A to $30 and prepare the journal entry required: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the cost of goods sold. Note: Enter debits before credits Transaction 1 General Journal Debit Credit 3. Which statement below is true? When the net realizable value falls below its original cost, companies have a choice as to which valuation to report the Inventory (original cost or net realizable value). O The write down of inventory from cost to net realizable value reduces total assets and Increases total expenses, leading to lower net income and lower retained earnings. O Net realizable value is defined as the estimated selling price plus any additional costs (ie, completion, disposal, transportation) O Inventory write downs to net realizable value occur as the inventory is sold