! Required information Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [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 older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 34 Unit Cost Unit NRV $65 $69 14 350 270 MegaDriver II 29 380 410 MegaDriver Exercise 6-14 (Algo) Part 4 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.) Revenues Income Statement: Expenses Balance Sheet: Assets Liabilities = Net Income Stockholders' Equity