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a 1,700 21.00 1.00 122 320 319.20 313.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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