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 | 690 | 131 | 138 |
| 111 | 1,050 | 83 | 72 |
| 112 | 550 | 110 | 105 |
| 113 | 260 | 235 | 248 |
| 120 | 420 | 283 | 287 |
| 121a | $1,670 | 22-Jan-00 | 19 |
| 122 | 360 | 331 | 324 |
a Part No. 121 is obsolete and has a realizable value of $0.7 each as scrap.
Instructions:
(a) Determine the inventory as of December 31, 2013, 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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