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Journal entry worksheet Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Office Fumishings reports inventory 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 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. Explain the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with min Calculate ending inventory using the lower of cost and net realizable value