The inventory of Swifty Company on December 31, 2020, consists of the following items.

Part Quantity Cost per Unit Net Realizable Value

110 540 $100.00 $105.00

111 1,010 63.00 55.00

112 450 84.00 80.00

113 220 178.50 189.00

120 430 215.00 218.00

121 a 1,800 17.00 1.00

122 330 252.00 247.00

a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 $enter the Inventory as of December 31 in dollars (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars