Problem 6-4B Report inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] A home improvement store, like Lowe's, carries the following items: Quantity Unit Cost $ 7.60 Inventory Items Hammers 100 Unit NRV $ 8.10 Saws 50 10.60 9.60 Screwdrivers 130 2.60 3.20 Drills 40 25.60 23.20 1-gallon paint cans. 160 6.10 5.60 Paintbrushes 180 6.60 7.10 Required: 1. Compute the total cost of inventory. Total cost 2. Determine whether each inventory item would be reported at cost or net realizable value, and then place that unit amount in the "Lower of Cost and NRV per unit" column. Multiply the quantity of each inventory item by the appropriate cost or NRV unit amount and place the total in the "Total" column. (Round "Cost per Unit" to 2 decimal places.) Lower of Cost Inventory Items Cost or NRV and NRV per Total unit Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushes Total $ 0 Journal entry worksheet < Record the adjustment for inventory. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Clear entry Record entry