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 adjusting entry in the financial statements. Complete this question by entering your answers in the tabs below. At the beginning of June, Circuit Country has a balance in inventory of $2.550. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,250, teres 2/15,n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio world, $31e. June 8 Return defective radios to Radio World and receive credit, \$4ee. June 18 Pay Radio world in full. June 11 Sell radios to customers on account, $4,160, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound unlimited for $3,350, teros 2/10,n/3. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Uniimited and receive credit of $560. June 28 Pay Sound Unlimited in full