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Please answer the full questions with charts not just describing A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in

Please answer the full questions with charts not just describing
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A local Chevrolet dealership carries the following types of vehicles: Because of recent increases in gasoline prices, the cat 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 financiat statement effects of using lower of cost and net realizable value to report inventory

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