Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Colculate the total amount to be reported for ending inventory in the balance sheet. Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Record any necessary adjusting entry for the lower of cost and net realizable value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record any necessary adjusting entry for the lower of cost and net realizable value. Note: Enter debits before credits: Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the oldef models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver 11, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's 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. Record any necessary adjusting entry to inventory, (If no entry is required for a transaction/event, select Required" in the first account field.) Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits