Home Furnishings reports inventory using the lower of cost and net realizable value $($NRV$).$ Below is information related to its year$-$end inventory.Home Furnishings reports inventory using the lower of cost and net realizable value $($NRV$).$ Below is information related to its year$-$end

inventory.

Required:

Calculate the total recorded cost of ending inventory before any adjusting entries.

Calculate ending inventory using the lower of cost and net realizable value.

Record any necessary adjusting entry for the lower of cost and net realizable value.

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Required $1$

Calculate the total recorded cost of ending inventory before any adjusting entries.

Cost of ending inventory $($before adjustment$)$

Inventory Quantity Unit Cost Unit NRV

Furniture $200$ $ $85$ $ $100$

Electronics $50400300$