The inventory of Ayayain Company on December 31, 2023, Consists of the following items.

Part No	Quantity	Cost per Unit	NRV
110	450	$70	$100
111	850	$60	$42
112	400	$80	$56
113	170	$150	$180
120	350	$195	$208
121	1400	$13	$0.20
122	250	$240	$225

a.) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method direct to each item.

Required: Inventory as at December 31 2023: $

b.) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying the method to the total of then inventory.

Required : Inventory as at December 31, 2023 $