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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. a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Feedback rowa newat Under the class method, a company applies the lower of cost or market to the total cost and total market for each class of items rather than each individual inventory item. In this case, you will have a lower of cost or market value for Class 1 and Class 2 that will be used to determine the total lower of cost or market. c. Determine the value of the inventory at the lower of cost or market applied to total inventory