Rustic Fumishings feports inventory using the lower of cost and net realizable valie (NRV). Below is infomation related to its year-end inventory. Required: 1. Calculate the total recorded cost of ending imventory 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