The inventory of Sheridan Company on December 31,2025, consists of the following items. "Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the imventory as of December 31,2025 , by the LCNRV method, applying this method to each item. Inventory as of December 31:2025 \$s aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 metkod to each item. Inventory as of December 31.2025 $ (b) Determine the imventory by the LCNRV method, applying the method to the total of the imventory. Irventory as of December 31, 2025