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The inventory of Oheto Company on December 31, 2011, consists of the following items.

Part No. Quantity Cost per Unit Cost toReplace per Unit
110 600 $95 $100
111 1,000 60 52
112 500 80 76
113 200 170 180
120 400 205 208
a121 1,600 16 14
122 300 240 235
a Part No. 121 is obsolete and has a realizable value of $0.50 each as a scrap.
Determine the inventory as of December 31, 2011, by the lower of cost or market method, applying this method directly to each item.




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a Part No. 121 is obsolete and has a realizable value of $0.50 each as a scrap.
Determine the inventory as of December 31, 2011, by the lower of cost or market...