The inventory of Crane Company on December 31, 2017, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 540 $100 $105 111 1,010 63 55 112 450 84 80 113 220 179 189 120 430 215 218 121 a 1,800 17 1 122 330 252 247 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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 $