NEED ASAP

Problem 6-4A (Algo) Report inventory using lower of cost and net realizable value (LO6-6) A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 1. Compute the total cost of the entire inventory. 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 write 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. Compute the total cost of the entire inventory. A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 1. Compute the total cost of the entire inventory. 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 realizable value to report inventory. Complete this question by entering your answers in the tabs below. 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. 2. Determine whether each inventory item would be reported at cost or net realizable value (NRV) Enter the amount of either the Unit Required: 1. Compute the total cost of the entire inventory 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 3. Record any necessary adjusting entry to write down inventory from cost to net realizable value and enter it in the Total column. 4. Determine the financial 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. Record any necessary adjusting entry to write down inventory from cost to net realizable value. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before eredits. Problem 6-4A (Algo) Report inventory using lower of cost and net realizable value (LO6-6) A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the car dealeiship has noticed a reduced demand for its SUVs, vans, and trucks. Required: 1. Compute the total cost of the entire inventory: 2. Determine whether each inventory item would be reported at cost of 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 write down inventory from cost to net realizable value 4. Determine the financial 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. Determine the financial statement effects of using lower of cost and net reabizable value to report inventory. (Make sure to enter amounts leading with a minus sign.)