Entity A, a trading entity, buys and sells Product Z. Movements in the inventory of Product Z during the period are as follows:

Use the following information for the next three questions: Entity A, a trading entity, buys and sells Product Z Movements in the inventory of Product Z during the period are as follows: Date Transaction Units Unit cost Total cost Feb. 1 Beginning inventory 100 P15 P1,500 Feb. 7 Purchase 300 P18 P5,400 Feb. 12 Sale 320 Feb. 21 Purchase 200 P21 P4,200 8. How much is the ending inventory under the FIFO cost formula? a. 6,540 b. 5,840 c. 5,640 d. 4,860 9. How much is the ending inventory under the Weighted Average cost formula? (The average is calculated on a periodic basis.) a. 5,180 b. 5,280 c. 5,460 d. 5,580 10. How much is the ending inventory under the weighted Average cost formula? (The average is calculated as each additional purchase is made, i.e, 'moving average) a. 5,860 b. 5,680 c. 5,580 d. 5,380