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a Part No. 121 is obsolete and has a realizable value of $0.50 each as a scrap.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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