rTODiem 0.4A ( Algo) Report inventory using lower of cost and net realizable value (LO6-6)...
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rTODiem 0.4A ( Algo) Report inventory using lower of cost and net realizable value (LO6-6) A local Chevolet dealership camies the following types of vehicleck Heciuse af recent incteases in gasoline paces, the car deaterstip has noticed a reduced derland for its 50W, yans, and trucks. Required: 1. Coripute the fotal cost af the entire inventory. 2. Determine whether each inventory item would be teported at cost or net realzoble value (NRN). Enter the-amount of either the Unit Cost or Urit NFN in the "Lower of Cost and NRV per unit" column and then miltiply this amount by the quantify of each mventory iterm and erter it in the Fotal column 3. Record ary necessary adjusting entiry to wite down inventory from cost to net realizable value: 4. Determine the finsancial statement effects of using lower of cost and net realizable walue to repont inventosy
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