Items 49 to 52 are based on the following: On November 3, 2021, Liberia Company entered into a purchase commitment with Libya Company to buy raw materials on February 14, 2022 for its scents/fragrance business. The contract price is P5,000,000. On December 31, 2021, the replacement cost (current market price) is P4,500,000. Assumption 1 On February 14, 2022, the replacement cost (current market price) is P6,000,000. Assumption 2 On February 14, 2022, the replacement cost (current market price) is P4,800,000 49. Under assumption 1, at what amount should Purchases be recorded? 50. Under assumption 1, what is the gain (loss) on purchase commitment on the date of purchase? 51. Under assumption 2, at what amount should Raw Materials Inventory be recorded? Your answer 52. Under assumption 2, what is the gain (loss) on purchase commitment on the date of purchase