The inventory of Splish Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit $140.00 Net Realizable Value $147.00 110 650 111 990 88.20 76.00 112 530 117.60 112.00 113 180 249.90 264.60 120 390 301.00 306.00 1212 1,500 24.00 1.00 122 270 352.80 345.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 $ S