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 illustrate Cost Per Inventory Quantity Unit Market Value per Unit (Net Realizable Value) Product Class 1: Model A 300 $140 $125 Model B 500 90 112 Model C 150 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. Inventory at the Lower of Cost or Market Cost Market Lower of Cost or Market Inventory Quantity Market Value Cost per Unit per Unit (Net Realizable Value) Product Model A Model B Model C Model D 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 Cost per Unit per Unit (Net Realizable Value) Cost Inventory Quantity Market Lower of Cost or Market Product Class 1: Model A Model B 599 Model C Subtotal Class 2: Model D Model E 88 Subtotal Do Total Subtotal S Total 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 Quantity (Net Realizable Value) Lower of Cost or Market Product Model A Model B Model Model D Model E Total