Office Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 220 52 Inventory Quantity Unit Cost Unit NRV Furniture $87 $102 Electronics 420 360 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. Required 1 Required 2 Required 3 Required 4 Calculate ending inventory using the lower of cost and net realizable value. Inventory Ending Inventory Lower of Cost Quantity and NRV per unit 220 52 Furniture Electronics Calculate the total recorded cost of ending inventory before any adjustments. Cost of ending inventory (before adjustment) Journal entry worksheet