If the entity used the FIFO method, how much should be reported as cost of sales for 2021? INVENTORY PROBLEM 40 Menchie Corporation started operations on 2019. The following data are abstracted from the purchases and sales records: No. of units produced No. of units sold Unit cost 2019 160,000.00 100,000.00 40.00 2020 155,000.00 145,000.00 50.00 2021 135,000.00 140,000.00 60.00 On December 31, 2022, what amount should be reported as patent, net of accumulated amortization? During 2022, Bowman Co. incurred research and development cost of P272,000 relating to a patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. However, the management expected that the patent will be useful for 10 years only