answer the questions

Palmquist Company has five different inventory items and applies the inventory valuation rules on an individusi item basis. The normal markup on all items is 20% of cost. The following information is obtained from the company's records: Required: 1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value under the lower of cost or net realizable value rule Round your answers to the nearest cent. Compute the total inventory value if the lower of cost or net realizable value is applled to each individual item. 3. Assume that Palmquist uses IFRS. Compute the correct inventory value tinder the lower of cost or net realizable value rule, Round your answers to the nearest cent. Compute the total inventory value if the lower of cost or market is applied to each individual item. x Palmquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup on ali items is 20% of cost. The following information is obtained from the company's records: Required 1. Assume that Paimquist uses the FIFO cost flow assumption. Computekne correct inventory value under the lower of cost or net realizable value rule. Round your answers to the nearest cent