make sure to include the label needed in revenue, assets, expenses and liability

also, it would really help a lot knowing how you solved for each! Thank you!

3 1.28 points Print References Exercise 6-13 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 140 44 Unit Cost $79 340 Unit NRV $94 290 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. Required 1 Required 2 Required 3 Required 4 Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus si Income Statement: Revenues Expenses = Net Income Balance Sheet: Assets Liabilities Stockholders' Equity Required 1 Required 2 Required 3 Required 4 Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted shoul Income Statement: Revenues Expenses Accounts Payable lance Sheet: Accounts Receivable Liabilities Advertising Expense Allowance for Uncollectible Accounts Bad Debt Expense equired 3 Required 4 >