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

Exercise $ - 21 The inventory of Monty Company on December 31 , 2017 , consists of the following items . Part NO . Quantity Cost per Unit NRV 1 10 GBO $ 1 10 1 1 1 4 70 42 1 12 540 5 5 1 13 380 150 190 120 490 195 218 121 *` 1, 540 IF 0 . 2 127 250 250 245 * Part no . 121 is obsolete and has a realizable value of $0. 2 each as scrap .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 ( 4 ) 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