The inventory of Bridgeport Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 630 $132 $139 111 1,000 83 72 112 510 111 106 113 200 236 250 120 400 285 289 121 a 1,600 22 1 122 300 334 327 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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