The inventory of Concord Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 550 $104.00 $109.00 111 1,060 65.40 57.00 112 530 87.20 83.00 113 180 185.30 196.20 120 400 227.00 223.00 17.00 121 a 1,700 1.00 122 320 261.60 256.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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, 20 367730 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 20 374060