lower of cost or market

Lower of Cost or Market Palmquist Company has t e different- ventory ite s that it values by the lower of cost or market rule applied on an individual item basis. The non al obtained from the company's records arkup on al tems is 20% of cost. The following in rmation is Cost $10.00 8.00 15.00 18.00 Replacement Cost 9.10 8.10 3.50 12.00 25.50 Net Realizable Value $9.20 7.80 14.00 17.00 25.30 300 200 Required: 1. Assume that Palmquist uses the F1FO inventory valuation method. Compute the correct inventory value under the lower of cest or market rule. Round your answers to the nearest cent Item Cost or Market Compute the total inventory value if the lower of cost or market is applied to each individual tem. 2. Assume that Palmquist uses the LIFO inventory method. 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 Compute the total inventory value if the lower of cost or market is applied to each individual tem 3. Assume that Palmquist uses IFRS. Compute the correct inventory value under the lower of cost or market rule. Round your answers to the nearest cent Lower of ItensCo Cost or Market Assume that Palmquist uses IFRS. Compute the correct inventory value under the lower of cost or market rule