Required information Problem 6-4A Report inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below] 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. Problem 6-4A Part 3 Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a transaction/even elect "No Journal Entry Required" in the first account field.). Required information Problem 6-4A Report inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below] 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. Troblem 6-4A Part 4 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 ower retained earnings. True or Felse