Exercise 21 The Inventory Of Monty Company On December 31 2017 Consists Of The

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

Exercise $ – 21The inventory of Monty Company on December 31 , 2017 , consists of the following items .PartNO .QuantityCost per UnitNRV1 10GBO$ 1 101 1 14 70421 125405 51 13380150190120490195218121 *`1, 540IF0 . 2127250250245* Part no . 121 is obsolete and has a realizable value of $0. 2 each as scrap .( a ) Determine the inventory as at December 31 , 2017 , by the lower of cost and net realizable value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 .Inventory as at December 31 , 2017( 4 ) 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*Inventory as at December 31 , 2017