ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January 7, 2020: 1,000 units at P3.00 each. Sold 1,200 units. Using FIFO, what is the amount of inventory on January 31? * Your answer ANC reported the following data: Beginning inventory, 500 units at P2.40 each. Purchased on January 7, 2020: 1,000 units at P3.00 each. Sold 1,200 units. Using weighted average method, what is the amount of cost of goods sold?