$117 Exercise 9-1 The inventory of Metlock Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 580 $111 111 910 540 94 190 199 211 120 400 240 121a 1,600 19 1 122 270 281 275 70 89 243 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2017 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2017