The inventory of Waterway Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 696 $112 $116 111 1,160 66 60 112 580 100 97 113 232 190 216 120 464 236 184 121 1,856 31 1 122 348 282 278 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory Inventory as of December 31, 2022 $