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Inventory Items Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Quantity 7 3 ...

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Accounting

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Inventory Items Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Quantity 7 3 Unit Cost $27,000 18,000 13,000 17,000 37,000 30,000 Unit NRV $25,000 17,000 15,000 20,000 40,000 28,000 1 6 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. 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 lower retained earnings. True or False True False

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