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Serve SE Submit 1 Down Home Furnishings reports inventory using the lower of cost and net realizable Value (NRV). Below is information related to its year-end Inventory Triventory Quantity Unit Cost Lot NRW Furniture 160 581 596 Electronics 46 360 310 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. 2003 Complete this question by entering your answers in the tabs below. Required: Required 2 Required Reed Explain the impact of the adjusting entry in the financial statements, (Amounts to be deducted should be entered with minussi) Incota Revenues Net inte 1530 venue 12.000 fot of Goods 2430 14,200 Reven 16.600 cost of Good Son 2.300 Balance Sheet holder A Equity 12.960 finory 14,200 na 100 Ced