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. 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 adjustigg entry in the financial statements. Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry for inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)