Rustic Furnishings reports invertiory using the lower of cost and net realizable value (NRV). Below is information related to its year-end Inventory, 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 impoct of the adjusting entry in the financial statements. Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate ending ifiventory using the lower of cost and net realiable valuei. Rustic Furnishings reports inveritory using the lower of cost and net realizable value (NRV). Below is information related to it inventory. 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 ad usting entry for inventory. 4. Determine the impoct of the adjusting entry in the financial statements. Answer is not complete. Complete this question by entering your answers in the tabs below. Record any necessary adjutting entry for inventory. (It no entry is required for a transaction/event, select "No Journal Entry Pequired" in the firat account field.) Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Eliow is information related to its year-end Inventory. Required: 1. Colculate the total recorded cost of ending inventory before any adjustments: 2. Calculate ending inventory using the lower of cost ond net reolzable value. 3. Record any necessary adjusting entry for inventory. 4. Determine the impoct of the adjusting entry in the financal statements. Answer is not complete. Complete this question by antering your answers in the tabs below