1. ABC Store uses the retail inventory method. Information relating to the computation of the inventory at December 31, 2003 is as follows: Cost Retail Inventory at Jan. 1, 20x3 P45,000 P75,000 Sales 600,000 Purchases 270,000 590,000 Freight-in 6,750 Markups 50,000 Markdowns 20,000 Estimated normal shrinkage - 2% of sales Requirements: Compute for (1) ending inventory and (2) cost of goods sold under the following methods: FIFO cost method