A bookstore would like to test its inventory for impairment because of the decreased demand of their books. As of yearend, only three books titles were left in stock. At what amount should the bookstore report as inventories based on the following details?

Note: Solutions must be in good accounting form

Original selling price Estimated new selling price Cost to sell Original cost Book A Book B Book C Total P 100,000 P 200,000 P 150,000 P 450,000 80,000 180,000 150,000 410,000 15,000 18,000 20,000 53,000 70,000 145,000 100,000 315,000