Lower of Cost or Market Palmquist Company has five different inventory items that it values by the lower of cost or market rule applied 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: Kequired: 1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value under the lower of cost or market rule. 2. Assume that Palmquist uses the LIFO cost flow assumption. Compute the correct inventory value under the lower of cost or market rule. 3. Assume that Palmquist uses IFRS. Compute the correct inventory value under the lower of cost or market rule. 4. Next Level Explain the differences between the inventory valuations reported under IFRS and U.S. GAAP