The inventory of Oheto Company on December 31, 2011, consists of the following items.
| Part | No. Quantity | Cost Per Unit | Cost Per Unit |
| 110 | 600 | $95 | $100 |
| 111 | 1,000 | 60 | 52 |
| 112 | 500 | 80 | 76 |
| 113 | 200 | 170 | 180 |
| 120 | 400 | 205 | 208 |
| 121 | 1,600 | 16 | 14 |
| 122 | 300 | 240 | 235 |
Part No. 121 is obsolete and has a realizable value of each as scrap: $0.50
Instructions:
Complete the table above by inserting the correct values or formulas into the yellow highlighted cells. From this data, answer the following two questions:
a. Determine the inventory as of December 31, 2011, by the lower-of-cost-ormarket 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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