calculate inventory using lower of cost and net realizable value

Exercise 6-13 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) Office Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Quantity Unit Cost Unit NRV Inventory Furniture Electronics $87 220 52 $102 360 420 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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 3 Required 4 Calculate the total recorded cost of ending inventory before any adjustments. Cost of ending inventory (before adjustment) Required 1 Required 2 >