ABC Corp. sells product "A". During the year, the company moved to a new location, and the inventory records for "A" were misplaced. The bookkeeper has been able to gather some information from the sales records as shown below. July sales: 57,200 units at P 100 Date Quantity Unit cost July purchases. 5 10,000 P 65.00 12,500 62.50 12 15,000 60.00 23 14,000 62.00 On July 31, 16,000 units were on hand with a total value of P 988,000. ABC has always used a periodic FIFO inventory costing system. Gross profit on sales for July was P 2,058,750. 23) What is the total cost of the beginning inventory? a. 1,450,000 b. 1,367,100 c. 1,353,538 d. 1,345,400 24) What is the unit cost of the beginning inventory? a. 66.82 b. 63.00 C. 62.38. d. 62.00 During 2014, WIND Corp. signed a non-cancelable contract to purchase 1,000 sacks of rice at P 900 per sack with delivery to be made in 2015. On December 31, 2014, the price of rice had fallen to P 850 per sack. May 9, 2015, WIND accepts delivery of rice when the price is P 880 pe sack. 25) In the December 31, 2014 statement of comprehensive income what amount of loss on purchase commitment should be include a. 50,000 b. 30,000 c. 20,000 d. 0