Inventory Write-Down The following information for Tuell Company is available: Case 1 2 3 4 5 $5.00 $5.00 $5.00 $5.00 $5.00 5.10 5.50 4.80 4.20 4.70 Cost Net realizable value Net realizable value less normal profit Replacement cost 4.80 5.30 4.70 4.00 4.60 5.30 5.20 4.60 4.10 4.80 Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent. Case 1 2 3 4 5 Inventory value $ 5 $ 5V $ 4.70 $ 4.10 $ 4.70 2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent. Inventory value Case 2 $ 5 4.70 x 4.20 4.70 - 4 5 $