(2.) The cost department of Lancer Corporation made the following data and costs available for the year 1997: Finished goods inventory Jan. 1: 300 units; Dec. 31: 420 units, all from current years of production. Sold during 1997: 3,880 units at PhP 220 per unit. The company uses FIFO method in costing its inventory. Required: (1) The unit cost of the finished goods inventory on December 31. (2) The cost of goods manufactured and sold statement. (2.) The cost department of Lancer Corporation made the following data and costs available for the year 1997: Finished goods inventory Jan. 1: 300 units; Dec. 31: 420 units, all from current years of production. Sold during 1997: 3,880 units at PhP 220 per unit. The company uses FIFO method in costing its inventory. Required: (1) The unit cost of the finished goods inventory on December 31. (2) The cost of goods manufactured and sold statement