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 $110$ $ $76$ $ $91$

Electronics $41310260$

Required:

Calculate the total cost of ending inventory before any adjustments.

Calculate ending inventory using the lower of cost and net realizable value.

Determine the financial statement effects of any adjustment to inventory for the lower of cost and net realizable value.