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Q1: The inventory of a company on December 31, 2019 consists of the following items: Part No. 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$ 95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1,600 16 1 122 300 240 235 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. Required: Determine the inventory as of December 31, 2019, by the LCNRV method, applying this method to each item. Q2: a company uses a perpetual inventory system. At January 1, 2019, inventory was $214,000,000 at both cost and net realizable value. At December 31, 2019, the inventory was $286,000,000 at cost and $265,000,000 at net realizable value. Required: Prepare the necessary December 31 entry under (a) the cost-of goods-sold method and (b) the loss method