The inventory of Sarasota Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit NRV No. 110 610 $90 $120 111 970 60 50 112 440 80 66 113 230 170 190 120 360 195 208 121 1,620 16 0.20 122 420 260 235 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.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 $