Required information Problem 6-4A Report inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below.) A local Chevrolet dealership carries the following types of vehicles: Inventory Items Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Quantity 4 7 3 5 Unit Cost $27,000 18, eee 13,000 17,000 37,000 30,000 Unit NRV $25,000 17,000 15,000 20,000 40,000 28,000 6 duced demand for its SUVs, vans, and Because of recent increases in gasoline prices, the car dealership has noticed a trucks Problem 6-4A Part 1 Required: 1. Compute the total cost of the entire inventory Total cost Prol 2. Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the cost per Unit for the "Lower of Cost and net realizable value" and then multiply the quantity of each inventory Item by the appropriate cost or NRV amount and enter it in the Total column. Lower of Cost Cost or NRV and NRV per Total Inventory Items unit Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Total Problem 6-4A Part 3 3. Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for at select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet