Homework # 3 (Handwritten solution due on August 2, 2020. Follow submission instructions on syllabus) Question 1: The inventory of Ohio Company on December 31, 2017, consists of the following items Part Quantity Cost per unit Net Realizable Value per unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1,600 16 122 300 240 235 Part No. 121 is obsolete and as a result has a realizable value of $1 cach as scrap. a. Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory c. Prepare journal entry required at December 31, 2017 assuming that inventory is recorded at LCNRV (individual item basis) and a perpetual inventory system