Problem #1 (LCNRY) The inventory of Wei Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Cost to Replace per Unit 10 12 13 20 21a 900 1,500 750 300 600 2,400 450 $135 90 120 255 308 24 360 $150 78 114 270 312 14 352.50 "Part No. 21 is obsolete and has a realizable value of $0.20 each as scrap. Instructions (a) Determine the inventory as of December 31, 2017, by the lower-of-cost-or-market method, applving this method directly to each item (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory