The inventory of Sheridan Company on December 31, 2025, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $107.00 $113.00 111 1,000 67.80 59.00 112 500 90.40 86.00 113 210 192.10 203.40 120 410 232.00 235.00 121 a 1,600 18.00 1.00 122 270 271.20 266.00 aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2025 $