Current Attempt * Your answer is incorrect. The inventory of Nash Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $98.00 $103.00 111 920 61.80 54.00 112 490 82.40 78.00 113 220 175.10 185.40 120 360 211.00 214.00 121 a 1,500 16.00 1.00 122 320 247.20 242.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ 340130 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $ 340130