The inventory of Sheffield Company on December 31, 2020, consists of the following items. Part No. Quantity Cost per Unit NRV 110 610 $70 $110 111 940 70 50 112 520 90 66 113 180 160 200 120 360 195 208 121 1,620 15 0.20 122 420 240 255 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.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 A (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