Solve all questions otherwise leave Inventory ItemsQuantityVans4A local Chevrolet dealership carries the following types of vehicles:Unit CostUnit NRV$22,000$24,000Trucks717,40016,4002-door sedans312,40014,4004-door sedans516,40019,400Sports cars134,00037,000SUVS628,80025,000Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.Required:1. Compute the total cost of the entire inventory.2. Determine whether each inventory item would be reported at cost or net realizable value (NRV). Enter the amount of either the UnitCost or Unit NRV in the "Lower of Cost and NRV per unit" column and then multiply this amount by the quantity of each inventory itemand enter it in the Total column.3. Record any necessary adjusting entry to write down inventory from cost to net realizable value.4. Determine the financial statement effects of using lower of cost and net realizable value to report inventory.Complete this question by entering your answers in the tabs below.Required 1Required 2 Required 3Required 4Compute the total cost of the entire inventory.Total cost

Name: Solve all questions otherwise leave Inventory ItemsQuantityVans4A loca
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Solve all questions otherwise leave Inventory ItemsQuantityVans4A local Chevrolet dealership carries the following types of vehicles:Unit CostUnit NRV$22,000$24,000Trucks717,40016,4002-door sedans312,40014,4004-door sedans516,40019,400Sports cars134,