Down Home Furnishings reponts inventory using the lower of cost and net redizable value (NRV). Below is information related to its year-end invertory. Required: 1. Colculate the total recorded cost of ending inventory before any adjustments 2. Colculate ending inventory using the lower of cost and net realizable value. 3. Record any necessaty adjusting entry for inventory. 4. Determine the impoct of the odjusting entry in the financial statements. Complete this question by entering vour answers in the tabs below. Calculate the total recorded cost of ending inventory before any adjustments. Down Home Fumishings reports inventory using the lowe of cost and net realizable value (NRV). Below is information related yearend 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 cealizable 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. Down Home 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. Colculote ending inventory using the lower of cost and net realizoble volue 3. Record any necessary adjusting entry for inventory 4. Determine the impact of the odjusting entry in the financial statements Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry for thiventory. (If no entry is required for a transactiontevent, select "No Journal Entry Required in the first account field.) Journal entry worksheet Record any necessary adjusting entry for imventory. Notei tinter debas beform cordits. Down Home Fumishings reports inventory using the lower of cost and net realizable volue (NRV) Below is information related to year-end inventory Required: 1. Calculate the total recorded cost of ending inventory before any adjustments 2. Calcutate ending inventory using the lower of cost and net realizable value. 3. Record any necessory odjusting entry for inventory. 4. Determine the impoct of the adjusting entry in the financial statements. Complete this question by entering your answers in the tabs below