Required information (The following information applies to the questions displayed below.) A home improvement store, like Lowe's, carries the following items: Inventory Items Hammers Saws Screwdrivers Drills 1-gallon paint cans Paintbrushes Quantity 100 50 130 40 160 180 Unit Cost $ 7.90 10.90 2.90 25.90 6.40 6.90 Unit NRV $ 8.40 9.90 3.50 23.80 5.90 7.40 Required: 1. Compute the total cost of inventory. Total cost Required information [The following information applies to the questions displayed below.] A home improvement store, like Lowe's, carries the following items: Inventory Items Hammers Saws Screwdrivers Drills 1-gallon paint cans Paintbrushes Quantity 100 50 130 40 160 180 Unit Cost $ 7.90 10.90 2.90 25.90 6.40 6.90 Unit NRV $ 8.40 9.99 3.50 23.80 5.90 7.40 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.) Inventory Items Lower of Cost Cost or NRV and NRV per unit Total Hammers Saws Screwdrivers Drills 1-gallon paint cans Paint brushes Total Journal entry worksheet