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 Inventory Furniture Electronics Required: Quantity 120 42 Unit Cost Unit NRV $77 $92 320 270 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 1 Required 2 Required 3 Required 4 Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.) Income Statement: Required 1 Required 2 Required 3 Required 4 Explain the in.pact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minu Revenues Income Statement: Expenses Net Income Balance Sheet: Assets Liabilities Stockholders' Equity