Palmquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup on items is 20% of cost. The following information is obtained from the company's records: Required: 1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value under the lower of cost or Round your answers to the nearest cent. 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. Compute the total inventory value if the lower of cost or market is applied to each individual item. $ x