Down Home Furnishings reports Inventory using the lower of cost and net realizable value (NRV). Below Is Information related to its year-end Inventory. Inventory Furniture Electronics Required: Quantity 260 56 Unit Cost $ 91 460 Unit NRV $ 106 400 1. Calculate the total cost of ending Inventory before any adjustments. 2. Calculate ending Inventory using the lower of cost and net realizable value. 3. Determine the financial statement effects of any adjustment to Inventory for the lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the financial statement effects of any adjustment to inventory for the lower of cost and net realizable value. Note: Amounts to be deducted should be entered with minus sign. Assets Balance Sheet Stockholders' Equity Liabilities Revenues Common Stock Retained Earnings Required 2 Required 3 > Income Statement Expenses Net Income Show less