The inventory of Novak Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 3 OLJ 122 Quantity 630 920 540 210 430 1,700 270 Cost per Unit Net Realizable Value $142.00 89.40 119.20 253.30 305.00 24.00 357.60 $149.00 77.00 113.00 268.20 310.00 1.00 350.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.

The inventory of Novak Company on December 31, 2025, consists of the following items. Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. art No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31,2025, by the LCNRV method, applying this method to each item. Inventory as of December 31.2025 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory