On the basis of the following data, determine the value of the inventory at the lower of cost or market applied to (a) each item in the inventory ( 2 points), (b) each class of inventory ( 2 point), and (c) total inventory ( 1 point). Also, explain which method management would likely prefer and why (1 point). Write-down for (a) each item in the inventory: \$[Answer] Write-down for (b) each class of inventory: \$[Answer] Write-down for (c) total inventory: \$[Answer] Do you think that management would prefer to use the approach of (a), (b), or (c) to record the,inventory write-down? Why