The inventory of 3T Company on December 31, 2014, consists of the following items. ^a Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item. Inventory as of December 31, 2013 Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory. Inventory as of December 31, 2013