Garbage Corporation uses the lower of cost or net realizable value for inventory valuation. Data regarding the companys inventories are as follows: The general ledgers showed the following balances:

Cost:	Finished goods	P1,430,000
	Work-in-process	748,000
	Raw materials	2,875,000
Allowance:	Finished goods	(10,000)
	Raw materials	(40,000)

The following information were further furnished to you by the client:

Finished Goods Cost Selling price Estimated cost to sell, as % of sales Item M P550,000 675,000 20% Item P P540,000 620,000 15% Item Q P430,000 820,000 15% Work-in-process Cost Item M P240,000 360,000 48,000 208,000 25% Item P P188,000 289,000 97,650 168,000 35% Item Q P320,000 735,000 74,000 375,000 40% Selling price Estimated cost to complete Replacement cost Normal profit margin as % of selling price Raw Materials Item M Cost Current purchase price Raw Materials Item P Cost Current purchase price Raw Materials Item Q Cost Current purchase price A P250,000 250,000 B P500,000 480,000 P400,000 375,000 P400,000 450,000 P300,000 275,000 z P200,000 180,000 D P375,000 395,000 E P450,000 420,000 Required: 1) What is the correct Finished Goods Inventory to be reported at the balance sheet date for items M, P and Q? 2) What is the correct Work-in-process Inventory to be reported at the balance sheet date for items M, P and Q? 3) What is the correct total raw materials for Item M, to be reported at the balance sheet date? 4) What is the correct total raw materials for Item P. to be reported at the balance sheet date? 5) What is the correct total raw materials for item Q, to be reported at the balance sheet date? 6) What is the total loss on inventory write down to be reported for the period? Finished Goods Cost Selling price Estimated cost to sell, as % of sales Item M P550,000 675,000 20% Item P P540,000 620,000 15% Item Q P430,000 820,000 15% Work-in-process Cost Item M P240,000 360,000 48,000 208,000 25% Item P P188,000 289,000 97,650 168,000 35% Item Q P320,000 735,000 74,000 375,000 40% Selling price Estimated cost to complete Replacement cost Normal profit margin as % of selling price Raw Materials Item M Cost Current purchase price Raw Materials Item P Cost Current purchase price Raw Materials Item Q Cost Current purchase price A P250,000 250,000 B P500,000 480,000 P400,000 375,000 P400,000 450,000 P300,000 275,000 z P200,000 180,000 D P375,000 395,000 E P450,000 420,000 Required: 1) What is the correct Finished Goods Inventory to be reported at the balance sheet date for items M, P and Q? 2) What is the correct Work-in-process Inventory to be reported at the balance sheet date for items M, P and Q? 3) What is the correct total raw materials for Item M, to be reported at the balance sheet date? 4) What is the correct total raw materials for Item P. to be reported at the balance sheet date? 5) What is the correct total raw materials for item Q, to be reported at the balance sheet date? 6) What is the total loss on inventory write down to be reported for the period