Rustic Fumishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end irventory Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. 2. Calculate ending inventory using the lower of cost and net realizabie value 3. Record any necessary adjusting entry for inventory 4. Determine the impact of the adjusting entry in the financial statements. Q Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.)