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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. Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Product Class 1: Model A 14 $267 $282 Model B 9 44 32 Model C 37 243 225 Class 2: Model D 21 233 233 Model E 10 69 62 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 Market Value Inventory Cost per Unit Quantity per Unit (Net Realizable Value) Cost Market Lower of Cost or Market Product Model A Model B 982 Model C Previous Next > Check My Work 5 more Check My Work uses remaining eBook Show Me How Model B Model C 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 Cost Cost Market Market Value per Unit (Net Realizable Value) Inventory Quantity Lower of Cost or Market per Unit Product Class 1: Model A Model B Model C Subtotal Class 2: Model D 555 Model E Subtotal Total Previous Next Class 2: Model D 538 Model E Subtotal 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 Cost Cost Market Quantity per Unit (Net Realizable Value) Lower of Cost or Market per Unit Product Model A Model B Model Model D Model Total

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