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The inventory of Swifty Company on December 31, 2020, consists of the following items. ...

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Accounting

The inventory of Swifty Company on December 31, 2020, consists of the following items.

Part No.

Quantity

Cost per Unit

NRV

110

620

$70

$110

111

860

70

42

112

500

80

76

113

220

170

190

120

600

195

218

121

1,440

15

0.20

122

260

240

245

*Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying this method directly to each item.

Inventory as at December 31, 2020

$enter the Inventory as at December 31, 2020 in dollars

(b) Determine the inventory as at December 31, 2020, by the lower of cost and net realizable value method, applying the method to the total of the inventory.

Inventory as at December 31, 2020

$enter the Inventory as at December 31, 2020 in dollars

I keep getting the answer wrong.

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