Required information (The following information applies to the questions displayed below.) A local Chevrolet dealership...
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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 Quantity 3 6 2 Unit Cost $23,500 17,300 12,300 16,300 33,500 28,600 Unit NRV $21,500 16,300 14,300 19,300 36,500 24,500 3 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 amount of either the Unit Cost or Unit NRV in the "Lower of Cost and NRV per unit column and then multiply this amount by the quantity of each inventory item and enter it in the Total column. Inventory Items Lower of Cost Cost or NRV and NRV per unit Total Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Total
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