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[The following information applles to the questions displayed below] A local Chevrolet dealership carries the following types of vehicies: Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUV5, vans, and trucks. roblem 6-4A Part 2 Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the Unit ost 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 id 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 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. Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a transaction/event, elect "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adfustment for inventory. Note. Eoter dobits belore credis. 4. 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 rotained earnings. True of False