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  3. local chevrolet dealership carries the following t

local Chevrolet dealership carries the following types of vehicles: Inventory Items Quantity...

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Accounting

local Chevrolet dealership carries the following types of vehicles:
Inventory Items Quantity Unit Cost Unit NRV
Vans 3 $26,500 $24,500
Trucks 617,90016,900
2-door sedans 212,90014,900
4-door sedans 716,90019,900
Sports cars 336,50039,500
SUVs 529,80027,500Complete this question by entering your answers in the tabs below.
Required 1Required 2Required 3Required 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.)
Income Statement:
Revenues Expenses = Net Income
Balance Sheet:
Assets = Liabilities + Stockholders Equity

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