The inventory of Oheto Company on December 21, 2013, consists of the following items: Part No. Quantity Cost per Unit Cost to Replace per Unit 110 600 $95 $100 111 1000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 a 1600 16 14 122 300 240 235 a-part no 121 is obsolete and has a realizable value of $.50 each as scrap instructions a) determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item. b) determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory