Exercise 6-13 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) Rustic 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 adjusting entry in the financial statements. Complete this question by entering your answers in the tabs below. Exercise 6-13 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-enc 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 adjusting entry in the financial statements. Complete this question by entering your answers in the tabs below. Calculate the total recorded cost of ending inventory before any adjustments. Exercise 6-13 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-en 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 adjusting entry in the financial statements. Complete this question by entering your answers in the tabs below. Calculate ending inventory using the lower of cost and net realizable value. Exercise 6-13 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-enc 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 adjusting 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.) Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits