The inventory of 3T Company on December 31, 2008, consists of these items.

Instructions
(a) Determine the inventory as of December 31, 2008, 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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Quantity Cost per Unit $ 90 Part No Market per Unit $100 52 76 180 208 14 235 110 600 1,000 500 200 400 1,600 300 60 112 113 120 121a 122 170 205 16 240 aPart No. 121 is obsolete and has a realizable value of $0.20 each as scrap.