Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Cost Per Inventory Quantity Market Value per Unit (Net Realizable Value) Product Unit Class 1: Model A 16 $234 $248 Model B 50 56 76 Model C 21 231 250 Class 2: Model D 29 173 159 Model E 22 213 213 a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Market Value Cost per Unit (Net Realizable Value) per Unit Cost Inventory Quantity Market Lower of Cost or Market Product Model A $ Model B Model C Model D Model E Total b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Inventory at the Lower of Cost or Market Cost per Unit Market Value per Unit (Net Realizable Value) Cost Inventory Quantity Market Lower of Cost or Market Product Class 1: Model A $ $ Model B Model C Subtotal Class 2: Model D Model E Subtotal Total c. Determine the value of the inventory at the lower of cost or market applied to total inventory. c. Determine the value of the inventory at the lower of cost or market applied to total inventory. Inventory at the Lower of Cost or Market Market Value Cost per Unit Cost Market Lower of Cost or Market Inventory Quantity Product per Unit (Net Realizable Value) Model A $ $ Model B Model C Model D Model E Total