The inventory of Flint Company on December 31, 2017, consists of the following items.

Part

Quantity

Cost per Unit

Net Realizable Value

110

570

$124

$131

111

1,010

79

68

112

450

105

100

113

210

223

236

120

380

269

272

121

^a

1,600

21

1

122

310

314

308

^a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.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