OL#9-Ex 6-13 10 paints 1 ebook AU Prim References Down Home 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 Required: Quantity 290 59 Unit Cost Unit NRV $109 490 430 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 Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.) Revenues Income Statement Expenses Cost of Goods Sold Balance Sheet: Assets Liabilities Net Income Stockholders' Equity