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A local Chevrolet dealership carries the following types of vehicles:   Inventory Items Quantity Unit Cost Unit NRV Vans 3 $18,000 $16,000 Trucks 6 16,200 15,200 2-door sedans 2 11,200 13,200 4-door sedans 7 15,200 18,200 Sports cars 3 28,000 31,000 SUVs 5 26,400 19,000   Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 4. Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.) Please help me with Requirement 4! Requirements 1 through 3 have all been answered correctly -- I attached a screenshot of those values in case they might be needed for Requirement 4. For Requirement 4, the text presets to choose from are as follow:

A local Chevrolet dealership carries the following types of vehicles:   Inventory Items Quantity Unit Cost Unit NRV Vans 3 $18,000 $16,000 Trucks 6 16,200 15,200 2-door sedans 2 11,200 13,200 4-door sedans 7 15,200 18,200 Sports cars 3 28,000 31,000 SUVs 5 26,400 19,000   Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Required: 4. Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.) Please help me with Requirement 4! Requirements 1 through 3 have all been answered correctly -- I attached a screenshot of those values in case they might be needed for Requirement 4. For Requirement 4, the text presets to choose from are as follow:

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...
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A local Chevrolet dealership carries the following types of vehicles:
 

Inventory Items Quantity Unit Cost Unit NRV
Vans 3 $18,000 $16,000
Trucks 6 16,200 15,200
2-door sedans 2 11,200 13,200
4-door sedans 7 15,200 18,200
Sports cars 3 28,000 31,000
SUVs 5 26,400 19,000

 

Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.


Required:

4. Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.)

Please help me with Requirement 4! Requirements 1 through 3 have all been answered correctly -- I attached a screenshot of those values in case they might be needed for Requirement 4. For Requirement 4, the text presets to choose from are as follow:

 

Required 1 Inventory Items Complete this question by entering your answers in the tabs below. Required 1 Required 2 Total cost Complete this question by entering your answers in the tabs below. Total Compute the total cost of the entire inventory. Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Required 2 Cost or NRV 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. NRV NRV Cost Cost Cost NRV ✓ ✓ ✓ $ 496,000 ✓ ✓ ✓ Required 3 Required 4 Lower of Cost and NRV per unit 16,000 $ 15,200 ✓ 11,200✔ 15,200✔ 28,000✔ 19,000✔ Total 48,000✔ 91,200✔ 22,400✔ 106,400✔ 84,000 95.000 447,000 Required 3 < Required 1 Required 4 Required 3 > < Required 1 Required 1 Required 2 Complete this question by entering your answers in the tabs below. No Required 2 > 1 Transaction 1 Required 3 Record any necessary adjusting 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.) Answer is not complete. Cost of Goods Sold Inventory Required 4 General Journal ✓ ✓ Debit 49,000✔ Credit PICCOLLAGE
Transcribed Image Text:Required 1 Inventory Items Complete this question by entering your answers in the tabs below. Required 1 Required 2 Total cost Complete this question by entering your answers in the tabs below. Total Compute the total cost of the entire inventory. Vans Trucks 2-door sedans 4-door sedans Sports cars SUVS Required 2 Cost or NRV 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. NRV NRV Cost Cost Cost NRV ✓ ✓ ✓ $ 496,000 ✓ ✓ ✓ Required 3 Required 4 Lower of Cost and NRV per unit 16,000 $ 15,200 ✓ 11,200✔ 15,200✔ 28,000✔ 19,000✔ Total 48,000✔ 91,200✔ 22,400✔ 106,400✔ 84,000 95.000 447,000 Required 3 < Required 1 Required 4 Required 3 > < Required 1 Required 1 Required 2 Complete this question by entering your answers in the tabs below. No Required 2 > 1 Transaction 1 Required 3 Record any necessary adjusting 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.) Answer is not complete. Cost of Goods Sold Inventory Required 4 General Journal ✓ ✓ Debit 49,000✔ Credit PICCOLLAGE
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Revenues Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.) Assets Answer is not complete. Required 4 Inventory Income Statement: Balance Sheet: < Required 3 Expenses Cost of Goods Sold Liabilities Required 4 > + Net Income Stockholders' Equity
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Revenues Determine the financial statement effects of using lower of cost and net realizable value to report inventory. (Make sure to enter amounts leading to account reduction with a minus sign.) Assets Answer is not complete. Required 4 Inventory Income Statement: Balance Sheet: < Required 3 Expenses Cost of Goods Sold Liabilities Required 4 > + Net Income Stockholders' Equity
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