The inventory of Blue Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 610 $136.00 $143.00 111 85.80 74.00 920 460 112 114.40 109.00 113 210 257.40 243.10 293.00 410 297.00 121 a 1,500 23.00 1.00 122 320 343.20 336.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $