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 Quantity Unit Cost Unit NRV

Furniture $130$ $$78$ $$93$

Electronics $43330280$

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.