The inventory of Wei Company on December 31, 2014, consists of the following items.

aPart No. 21 is obsolete and has a realizable value of $0.20 each as scrap.

Instructions
(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of theinventory.

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Part No Quantity Cost per Unit $135 90 120 255 308 24 360 Cost to Replace per Unit 900 1,500 750 300 600 2,400 450 $150 78 114 270 312 10 12 13 20 21a 352.50