Problem 6-4A Report inventory using lower of cost and net realizable value (LO6-6)Skip to question[The following information applies to the questions displayed below.] A local Chevrolet dealership carries the following types of vehicles: UnitUnit Inventory Item sQuantityCostNRVVans4$27,000 $25,000 Trucks7 18,000 17,000 2-door sedans3 13,000 15,000 4-door sedans5 17,000 20,000 Sports cars1 37,000 40,000 SUVs6 30,000 28,000 Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Problem 6-4A Part 1Required:1. Compute the total cost of the entire inventory.