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1. Lumus Corp. incurred business meetings expenses for the year amounting to Php65,200.00. The company assumes 5% inflation to all its expenses for the following year. The business meeting expenses for the following year is a. Php65,200 b. Php68,460 C. Php70,000 d. Php72,400 2. Skywalker Inc. incurred office supplies expenses amounting to Php 22,680 and Php21,000 for the years 20x1 and 20x2, respectively. There is no change in the volume or quantity of the office supplies except prices. The inflation of office supplies is a 7.4% b. 8% C. 9% 10%