Reporting merchandise inventory Grace Co. has five classes of merchandise inventory (Items A through E). Over time, the market price and purchase cost of merchandise inventory has changed. Grace uses the lower-of-cost-or-market (LCM) method applied to each class of merchandise to update its records at the end of each fiscal year. The following table shows the inventory quantity, unit cost price, and unit market price of each item. Calculate the total cost, market cost, and lower-of-cost-or-market price for each class of inventory, and calculate the total purchase cost, market value, and the lower-of-cost-or-market for Grace's entire inventory holdings