1. Calculate ending inventory under the lower of cost and net realizable value. 2. Record any necessary adjusting entry to inventory. Complete this question by entering your answers in the tabs below. Calculate ending inventory under the lower of cost and net realizable value. 1. Calculate ending inventory under the lower of cost and net realizable value. 2. Record any necessary adjusting entry to inventory. Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)