(Solved): Down Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Be ...

Down Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Unit Cost Unit NRV Inventory Furniture Electronics Quantity 190 $84 390 $99 340 49 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 sign.) Income Statement: Revenues Expenses Net Income Balance Sheet: Assets Liabilities Stockholders' Equity