For numbers 18 to 20, refer to the following given information: The Clayton Music Company was formed on December 1, 2019. The following information is available from Clayton's inventory records: Particulars Units Unit Cost Balance on January 1, 2020 4.800 P14.25 Purchases: January 17, 2020 9,000 15.00 March 12, 2020 7,200 16.50 June 23, 2020 3,600 15.75 November 15, 2020 5,400 17.25 The company uses a periodic inventory system, and a physical inventory on November 30, 2020, shows 9,600 units on hand. 18. What is the ending inventory on November 30, 2020 under the FIFO method? 19. Given the information above for the Clayton Music Company, what is the ending inventory at November 30, 2020 under the weighted average cost method? 20. Given the information above for the Clayton Music Company, what is the cost of goods available for sale under the LIFO method in 2020? 21. On August 1, Stephan Company recorded purchases of inventory of P80,000 and P100,000 under credit terms of 2/15, net 30. The payment due on the P80,000 purchase was remitted on August 14. The payment due on the P100,000 purchase was remitted on August 29. If the purchases are recorded at gross amounts before any application of purchase discount), what is the amount of cost of goods available for sale for the month of August? 22. If the inventory turnover for a company is too high as compared to other companies in the same sector, industry or market, what could be happening in the company? Answer in two (2) sentences or less. For numbers 23 and 24, refer to the following given information: Current generally accepted accounting principles state that a departure from the cost basis of pricing inventory is required when the utility of the goods is no longer as great as its cost. Accordingly, the lower-of-cost-or-NRV rule is applied to inventories such that, if the net realizable value is less than cost, an adjustment is made to record the loss and to restate ending inventory at the lower value. What effect would the failure to apply the lower-of-cost-or-NRV method have on the income statement in current and future periods? Answer in three (3) sentences or less