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The inventory of Flint Company on December 31, 2017, consists of the following items.PartQuantityCost per UnitNet Realizable Value110570411111,0107968112450105100113210223236120380269272121a1,600211122310314308a Part No. 121 is obsolete and has a realizable value of $1 each as scrap.(a) Determine the inventory as of December 31, 2017, by the LCNRV method, applying this method to each item.Inventory as of December 31, 2017$(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2017