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Paimquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup on all items is 20% of cost. The following information is obtained from the company's recordst Required: 1. Assume that Paimquist 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 reach individual item. 3. Assume that Palmquist uses IFRS. 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 market is appiled to each individual item. 4. Explain the differences between the inventory valuations reported under IFRS and U.S. GAAP. - y the incy valuation reported under U.S. GAAP. This difference arises