Exercise 14-35 Obsolete Inventory (LO 14-4, 14-5) [The following information applies to the questions displayed below.] Armstrong Corporation manufactures bicycle parts. The company currently has a $18,700 inventory of parts that have become obsolete due to changes in design specifications. The parts could be sold for $6,500. or modified for $9.300 and sold for $20,100. Exercise 14-35 Part 1 Required: 1. Identify the relevance of the data given in the exercise to the decision about what to do with the obsolete parts. Irrelevant Current sales value for unmodified parts Sales value for modified parts Modification costs Current book value of inventory