Bingo, a cattle farmer, is in the business of raising, slaughtering and selling the carcass of sheeps to a butcher. On January 1, 2020 Bingo had 500 sheeps on hand with a total fair value less cost of disposal of P600,000. On December 31, 2020, 200 sheeps were slaughtered during which the fair value less cost of disposal is P2,000 each. The carcasses were on hand as of December 31, 2020. Also on this date, the fair value less cost of disposal of the biological asset amounted to P1,900 each

Compute the ff.

1. AMOUNT OF INVENTORY AS OF YEAR END
2. GAIN DUE TO SLAUGTHER