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 300 $140 $125 Model B 500 Model C 150 99 90 112 60 59 Class 2: Model D 800 120 115 Model E 400 140 145 a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. 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 Inventory Quantity Cost Market Value per Unit Cost Market Lower of Cost or Market per Unit (Net Realizable Value) 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. Inventory at the Lower of Cost or Market Market Value Inventory Quantity Cost per Unit Cost Market Lower of Cost or Market per Unit (Net Realizable Value) Product Class 1: Model A Model B Model C Subtotal Class 2: Model D Model E Total Subtotal 888 888 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 Inventory Costper Unit per Unit Cost Market Lower of Cost or Market Product Quantity (Net Realizable Value) Model A Model B Model C Model D Model E Total