Exercise 9-01 The inventory of Sheridan Company on December 31, 2020, consists of the following items. Part 110 111 112 113 120 121a 122 Quantity 600 1,000 500 210 410 1,600 270 Cost per Unit $107.00 67.80 90.40 192.10 232.00 18.00 271.20 Net Realizable Value $113.00 59.00 86.00 203.40 235.00 1.00 266.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 t