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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 Part No. 121 is obsolete and has a realizable value of $1.00

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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 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2025 Part No. 121 is obsolete and has a reqlizable value of $1.00 each as scrap.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

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