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 Quantity Unit Cost Unit NRV Shirts 37 $60 $72 MegaDriver 17 380 310 MegaDriver II 32 400 440 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 m sign.) Revenues Income Statement: Expenses Net Income: Balance Sheet: Assets Liabilities Stockholders' Equity