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 Quantity 220 Unit Nitv Unit Cost $87 420 $102 360 52 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. S 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 Calculate the total recorded cost of ending inventory before any adjustments. Cost of ending inventory (before adjustment) Required 1 Required 2 Required 3 Required 4 Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics 220 52 View transaction list Journal entry worksheet