E 9-1: (Lower-of-Cost- or Market) The inventory of Oheta Company on December 31, 2013, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1600 16 14 122 300 240 235 Part No. 121 is obsolete and has a realizable value of $0.50 each as scrap. Instructions (a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item. (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory