Part 1: Lower-of-Cost-or-Net Realizable Value The inventory of Oheto Company on December 31, 2017, consists of the following items Part Quantity Cost per Unit Net Realizable Value 110 600 111 1,000 112 500 113 200 120 400 121 1,600 122 300 $95 60 80 170 205 16 240 $100 52 76 180 208 235 Part No. 121 is obsolete and has a realizable value of $1 each as scrap Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to (a) each item, (b) total inventory