### Determine the inventory as at december

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Question - The inventory of Monty Company on December 31, 2017, consists of the following items.

 Part No. Quantity Cost per Unit NRV 110 680 \$80 \$110 111 970 70 42 112 540 80 56 113 380 160 190 120 490 195 218 121* 1,540 16 0.2 122 290 250 245

*Part no. 121 is obsolete and has a realizable value of \$0.2 each as scrap.

(a) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying this method directly to each item.

(b) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying the method to the total of the inventory.

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