2. Ambuclao Co. has the following trading securities Investment In Luke Co.-Trading Securities Date Acquired No of Shares and Cost per Share Total Cost Jan 3, 2021 30,000 shares at P40 P1,200,000 March 3, 2021 20,000 shares at P45 900,000 April 3, 2021 50,000 shares at P50 2,500,000 Ambuclao Co. does not have significant influence over Luke. On May 1, 2021 Ambuclao sold 60,000 shares at P60 per share. Required: Determine the gain (or loss) on sale assuming 1. The company is using FIFO in valuing its securities. 2. The company is using weighted average method in valuing its securities. 3