Required information [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 Unit Unit Quantity Cost $27,000 NRV $25,000 18,000 17,000 3 13,000 15,000 17,000 20,000 37,000 40,000 30,000 28,000 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. 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 Inventory Items Cost or NRV and NRV per Total unit Vans NRV $ 25,000 $ 100,000 Trucks NRV 17,000 119,000 2-door sedans Cost 15,000 45,000 4-door sedans NRV 20,000 100,000 Sports cars NRV 40,000 40,000 SUVS NRV 28,000 168,000 Total $ 572,000