(LO 8) E8-21 (Lower of Cost and Net Realizable Value) The inventory of 3T Company on December 31, 2017. consists of the following items. Part No 110 111 112 113 120 121 122 Quantity 600 1,000 500 200 400 1,600 300 Cost per Unit $.90 60 80 170 205 16 240 NRY $100 52 76 180 208 20 235 "Part No. 121 is obsolete and has a realizable value of $0 20 each as scrap Instructions 1 (a) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying this method directly to each item. (b) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying the method to the total of the inventory