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 Unit	Market Value per Unit (Net Realizable Value)
Class 1:
Model A	50	$219	$244
Model B	48	188	191
Model C	42	108	96
Class 2:
Model D	26	129	112
Model E	30	236	224

Question Content Area

a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Model A	Model A	$Model A	$Model A	$Model A	$Model A	$Model A
Model B	Model B	Model B	Model B	Model B	Model B	Model B
Model C	Model C	Model C	Model C	Model C	Model C	Model C
Model D	Model D	Model D	Model D	Model D	Model D	Model D
Model E	Model E	Model E	Model E	Model E	Model E	Model E
Total	blank	blank	blank	$Total	$Total	$Total

Question Content Area

b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Class 1:	blank	blank	blank	blank	blank	blank
Model A	Model A	$Model A	$Model A	$Model A	$Model A	blank
Model B	Model B	Model B	Model B	Model B	Model B	blank
Model C	Model C	Model C	Model C	Model C	Model C	blank
Subtotal	blank	blank	blank	$Subtotal	$Subtotal	$Subtotal
Class 2:	blank	blank	blank	blank	blank	blank
Model D	Model D	Model D	Model D	$Model D	$Model D	blank
Model E	Model E	Model E	Model E	Model E	Model E	blank
Subtotal	blank	blank	blank	$Subtotal	$Subtotal	Subtotal
Total	blank	blank	blank	$Total	$Total	$Total

Question Content Area

c. Determine the value of the inventory at the lower of cost or market applied to total inventory.

Product	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)	Cost	Market	Lower of Cost or Market
Model A	Model A	$Model A	$Model A	$Model A	$Model A	blank
Model B	Model B	Model B	Model B	Model B	Model B	blank
Model C	Model C	Model C	Model C	Model C	Model C	blank
Model D	Model D	Model D	Model D	Model D	Model D	blank
Model E	Model E	Model E	Model E	Model E	Model E	blank
Total	blank	blank	blank	$Total	$Total	$Total