The inventory of Sheffield Company on December 31, 2020, consists of the following items. Quantity 640 Cost per Unit $126.00 79.80 Net Realizable Value Part $133.00 69.00 110 1,100 450 111 112 106.40 101.00 226.10 239.40 277.00 113 190 410 1,700 320 120 121a 273.00 21.00 1.00 313.00 319.20 122 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2017 $1 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $