The inventory of Novak Company on December 31, 2020, consists of the following items. Cost per Unit NRV $100 48 Quantity 680 880 430 390 460 1,460 270 No. 110 111 112 113 120 121 122 56 $80 60 80 160 195 13 260 190 218 0.20 225 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying this method directly to each item. Inventory as at December 31, 2020 (b) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying the method to the total of the inventory. Inventory as at December 31, 2020