Information pertaining to the inventory of Palette Company follows.

The company has a normal profit margin of $20\%$ of selling price and has no additional costs to

complete or sell the items.

What is the lower$-$of$-$cost$-$or$-$market value of the company's inventory applying the rule to $($a$)$ each

individual item and $($b$)$ to each inventory category?

Select one:

a$.$ Inventory item: $$147,200$; Inventory Category: $$147,200$

b$.$ Inventory item: $$150,400$; Inventory Category: $$150,400$

c$.$ Inventory item: $$143,520$; Inventory Category: $$150,400$

d$.$ Inventory item: $$141,120$; Inventory Category: $$147,520$