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

part quantity $ per unit Net Realizable Value 110 650 $109 $115 111 1,000 69 60 112 510 92 87 113 220 196 207 120 380 236 239 121 1,500 18 1 122 310 276 270

a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.

(a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.

Inventory as of December 31, 2017 $

(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Inventory as of December 31, 2017 $