Required information Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [The following infomation applies to the questions displayed below] A company like Goif USA that sells golftelated inventory typically will have inventory items such as golf clothing and goli equipment. As technology advances the design and perforalance 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 goif clubs) introduces the MegaDriver it, the new and improved version of the MegaDriver. Below are year-end amounts related to Goif USAs inventory. Exercise 614 (Algo) Part 1 Requlred: 1. Calculate the total recorded cost of ending inventocy betore any adjustments 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 dispiayed below] A company lake Golf USA that sells golfrelated inventory lypically will have inventory items such as goif clothing and goif equipment. As technology advances the design and performance of the hext generation of dituers, the older modeis become less merketabie and thefefore decine in value supgose that in the current year, Ping (a manufacturer af goif clubs) introduces the MegaDriver it, the new and inproved vetsion of the MegaDriver Below are year-end amounte: related to Golf usA's inventory. Exercise 614 (Algo) Part 2 2. Calculate ending invertoy using the lower of costand nef eesizgable velue 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event. Select "No Journal Entr) Required" in the first account field.) Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before oredits