Required information [The following information applies to the questions displayed below.] A home improvement store, like Lowe's, carries the following items: Required: 1. Compute the total cost of inventory. Required information [The following information applies to the questions displayed below.] A home improvement store, like Lowe's, carries the following items: 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.) Required information [The following information applies to the questions displayed below.] A home improvement store, like Lowe's, carries the following items: 3. Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] A home improvement store, like Lowe's, carries the following items: 4. The write-down of inventory from cost to market net realizable value reduces total assets and ncreases total expenses, leading to lower net income and lower retained earnings. True or False