Exercise 9-01 The inventory of Blossom Company on December 31, 2020, consists of the following items. Quantity Cost per Unit $138.00 87.00 Net Realizable Value Part 110 660 $145.00 111 1,030 520 75.00 112 116.00 110.00 113 180 246.50 261.00 120 370 297.00 302.00 23.00 121a 1,700 320 1.00 122 348.00 341.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.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 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020