X Your answer is incorrect. The inventory of Concord Company on December 31, 2020, consists of the following items. Part No. Quantity Cost per Unit NRV 110 560 $90 $110 111 920 70 48 112 480 80 56 113 170 150 200 120 380 205 208 121 1,470 14 0.20 122 330 240 255 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.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 $ 356380 (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 $