Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.

Inventory	Quantity	Unit Cost	Unit NRV
Furniture	210	$86	$101
Electronics	51	410	350

Required: 1. Calculate the total recorded cost of ending inventory 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. Calculate the total recorded cost of ending inventory before any adjustments. Complete this question by entering your answers in the tabs below. Calculate ending inventory using the lower of cost and net realizable value. Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits. 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 sigi