The inventory of Wei Company on December 31, 20 , consists of the following items:

Part No. Quantity Cost per Unit Cost to Replace per Unit

10 900 $135 $150

11 1,500 90 78

12 750 120 114

13 300 255 270

20 600 308 312

21a 2,400 24 14

22 450 360 352.50

a Part No. 21 is obsolete and has a realizable value of $0.20 each as scrap.

Instructions

(a) Determine the inventory as of December 31, 2020, by the LCNRV method (NOT the LCM method), applying this method directly to each item.

(b) Determine the inventory by the LCNRV method (NOT the LCM method), applying the method to the total of the inventory.