An entity sells a new product. During a move to a new location, the inventory records for the product were misplaced. The bookkeeper has been able to gather some data for the purchases and sales records. The July purchases are as follows:

	Units	Unit cost	Total cost
July 5	10,000	65	650,000
10	12,000	70	840,000
15	15,000	60	900,000
25	14,000	55	770,000

On July 31, 17,000 units were on hand. The sales for July amounted to P6,000,000 or 60,000 units at P100 per unit. Roshe Company has always used a perpetual FIFO inventory costing system. Gross profit on sales for July was P2,400,000.

1. What was the cost of the inventory on July 31?

1. 3,600,000
2. 1,670,000
3. 770,000
4. 950,000

2. What was the cost of inventory on July 1?

1. 1,390,000
2. 2,400,000
3. 950,000
4. 760,000

3. What is the number of units available on July 1?

1. 34,000
2. 26,000
3. 10,000
4. 9,000