Hutch Company used the average cost retail inventory method to account for inventory. The following information related to operations for the current year: Beginning inventory and purchases were P6,000,000 at Cost and P9,200,000 at Retail. Net mark ups were P400,000; Net markdowns is P600,000. Sales amount to P7,800,000. What amount should be reported as cost of goods sold for the current year?

Problem 11 - Union Company used the FIFO retail method of inventory valuation. The entity provided the following information for the current year. Beginning inventory at Cost is P600,000 and at Retail it is P1,500,000. Purchases at cost is P3M and at retail it is P3.5M. Net markups are at P500,000; net markdowns at P1M and Sales revenue is P4.5M. What is the estimated cost of ending inventory?

Problem 12 - Forester Company provided the following assets in a forest plantation and farm: Freestanding trees - P5,000,000; Land under trees-P600,000; Roads in forest-P300,000; Animals related to recreational activities-P1,000,000; Bearer plants-P1,500,000; Bearer animals-P2,000,000; Agricultural produce growing on bearer plants - P800,000; Agricultural produce havested-P1,200,000' Plants with dual use P1,400,000. Question 1: What total amount should be reported at biological assets? Question 2: How much is the property, plant and equipment.

Problem 13 - Salve Company is engaged in raising dairy livestock. The entity provided the following information during the current year. Carrying amount on Jan 1 - P5,000,000; Increase due to purchases - P2,000,000; Gain arising from change in fair value less cost of disposal attributable to price change - P400,000; Gain arising from change in fair value less cost of disposal attributable to physical change is P600,000; Decrease due to sales is P850,000 and Decrease due to due to harvest - P200,000. What is the carrying amount of the biological asset on December 31?