Due Session 27-P8-1 Inventory Write-Down ebook Palmquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup en al items is 20% of cost. The following information is obtained from the company's records: Item Replacement Cost Net Realizable Value Units 500 Cost $10.00 $9.10 $9.20 2 400 8.00 8.10 7.80 3 300 15.00 13.50 14.00 4 200 100 18.00 12.00 25.00 25.50 17.00 25.30 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. Lower of Item Cost or NRV 1 2 3 4 15 Compute the total inventory value if the lower of cost or net realizatie value is applied to each individual item 2. Assume that Palmquist uses the LIFO cost flow assumption. Compute the correct inventory value under the lower of cast or market rule. Round your answers to the nearest cent Check My Work 3 more Check My Works remaining See and fakt Submit Assignment for Gradina