The inventory of Ayayai Company on December 31, 2020, consists of the following items. Part No. Quantity Cost per Unit NRV 110 700 910 111 $120 42 56 180 112 $90 70 90 150 195 540 180 500 218 113 120 121 122 16 1,560 410 0.20 225 260 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying this method directly to each item. Inventory as at December 31, 2020 $ (b) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying the method to the total of the inventory. Inventory as at December 31, 2020 $