Question 1 The inventory of Shamrock Company on December 31, 2017, consists of the following items Part Quantity 110 Cost per Unit Net Realizable Value $147 76 112 265 306 $140 112 113 120 121a 122 650 990 530 180 390 1,500 270 118 250 301 24 353 345 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap (a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item Inventory as of December 31, 2017 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory Inventory as of December 31, 2017