Inventory Write-Down Palmquist 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 records: Replacement Cost Net Realizable Value Item Units Cost 1 500 $10.00 $ 9.10 $9.20 2 400 8.00 8.10. 7.80 3 300 15.00 13.50 14.00 4 200 18.00 12.00 5 100 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 5 Compute the total inventory value if the lower of cost or net realizable 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 cost or market rule. Round your answers to the nearest cent. Lower of Item Cost or Market 1 2 3 4 5 Compute the total inventory value if the lower of cost or market is applied to each individual item