Exercise 9-1 The inventory of Blue Company on December 31, 2017, consists of the following items Part Quantity 110 Cost per Unit Net Realizable Value 112 113 120 121a 122 640 950 460 210 360 1,600 310 $115 73 97 206 248 19 290 $121 63 92 218 252 284 Part No. 121 is obsolete and has a realizable value of $1 each as scrap (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item Inventory as of December 31, 2017 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory Inventory as of December 31, 2017 s LINK TO TEXT VIDEO: SIMILAR EXERCISE