Question 2 View Policies Current Attempt in Progress The inventory of Blossom Company on December 31, 2020, consists of the following items. Part Quantity 110 660 111 1,030 112 520 113 180 120 370 121 a 1,700 122 320 Cost per Unit Net Realizable Value $138.00 $145.00 87.00 75.00 116.00 110.00 246.50 261.00 297.00 302.00 23.00 1.00 348.00 341.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $