Exercise 9-1 The inventory of Nash Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $98 $103 111 920 62 54 112 490 82 78 113 220 175 185 120 360 211 214 121a 1,500 16 1 122 320 247 242 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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