Exercise 9-1 The inventory of Sheridan Company on December 31, 2017, consists of the following items. Quantity Net Realizable Value Part Cost per Unit $96 110 610 $101 970 111 61 53 112 530 81 77 182 113 200 172 120 390 207 210 121a 1,600 16 1 310 122 242 237 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.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 LINK TO TEXT VIDEO STMTLAR EVERCTSE