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Presented below is information related to Wildhorse Company. Cost Retail $190,000 $222,000 Beginning inventory Purchases 1,375,000 2.145,000 94,000 16,000 34.000 Markups Markup cancellations Markdowns Markdown cancellations Sales 6,000 2.150.000 Calculate the inventory by the retail inventory method. (Round the cost-to-retail ratio to 2 decimal places, c.8. 52.75% and fina, decimal places, eg. 5,125.) $ Ending inventory at retail Part No. Quantity NRV Cost per Unit $80 110 660 $120 111 50 1,050 70 112 640 80 66 113 340 160 190 120 550 205 208 1.450 16 121 0.20 122 420 250 225 Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap (a) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method applying this method directly to each item Inventory as at December 31, 2020 (b) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying the method to the total of the inventory Inventory as at December 31, 2020