(Answered) Exercise - the inventory of oheto company on december 31

Accounting

Exercise - The inventory of Oheto Company on December 31, 2013, consists of the following items.

Part No.	Quantity	Cost per Unit	Cost to Replace per Unit
110	650	$100	$105
111	1,050	63	55
112	560	84	80
113	230	179	189
120	400	215	218
121^a	1,610	17	15
122	390	252	247

^aPart No. 121 is obsolete and has a realizable value of $0.5 each as scrap.

(a) Determine the inventory as of December 31, 2013, 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 the inventory.

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