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. Product Inventory Quantity Cost Per Market Value per Unit Unit (Net Realizable Value) Class 1: Model A 22 $245 $262 Model B 15 276 293 Model C 10 101 111 Class 2: Model D 15 50 40 Model E 32 213 214 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 per Unit (Net Realizable Inventory Quantity Product Cost per Unit Model A Model B Model C Model D Model E Total Value) Lower of Cost or Cost Market Market 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 Market Value per Unit (Net Realizable Value) Inventory Cost Product Quantity per Unit Class 1: Model A Model B Model C Subtotal Class 2: Total Model D Model E Subtotal 333 Lower of Cost or Cost Market Market 1000 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 per Unit (Net Realizable Inventory Cost Product Quantity per Unit Model A Model B Model C Model D Model E Total Value) Lower of Cost or Market Cost Market