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The inventory of Vaughn Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 650 $123.00

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

Part

Quantity

Cost per Unit

Net Realizable Value

110

650 $123.00 $129.00

111

1,010 77.40 67.00

112

470 103.20 98.00

113

190 219.30 232.20

120

390 264.00 268.00

121

a

1,700 21.00 1.00

122

270 309.60 303.00

a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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

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