A detailed explanation will be highly appreciated. Thank you!

Office Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. 2. Calculate ending inventory using the lower of cost and net realizable value. 3. Record any necessary adjusting entry for inventory. 4. Determine the impact of the adjusting entry in the financial statements. Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate the total recorded cost of ending inventory before any adjustments. x Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate ending inventory using the lower of cost and net realizable value. Answer is not complete. Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry for inventory. (If no entry is required for a transaction/event, select "No Journal Ent Required" in the first account field.) Answer is not complete. Complete this question by entering your answers in the tabs below