determine the value of the inventory at the lower of cost or market, assuming lcm is applied to each class. item inventory quantity cost per unit market value per unit (net realizable value) class 1: bay 6 $31 $27 palomino 5 25 21 subtotal class 2: chestnut 12 $17 $26 pinto 9 14 21 subtotal a.$641 b.$501 c.$768 d.$597