The inventory of Flounder Company on December 31, 2017, consists of the following items Quantity Cost per Unit NRV $110 42 No 680 1,010 460 390 410 1,490 500 $90 60 90 150 195 16 260 110 112 180 218 0.2 235 113 120 121 122 *Part no. 121 is obsolete and has a realizable value of $0.2 each as scrap (a) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying this method directly to each item. Inventory as at December 31, 2017 (b) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying the method to the total of the inventory Inventory as at December 31, 2017