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 98.00 113 190 219.30 232.20 120 390 268.00 264.00 21.00 121 a 1,700 1.00 122 122 270 309.60 303.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $