Jai uses the retail inventory method. At the end of the current year, Jai suffered a fire loss that destroyed most of its inventory. After the fire, only goods with a selling price of P125,000, a cost of P100,000 and a net realizable value of P75,000 was salvaged. The following information is available prior to the fire: Beginning inventory Purchases Cost P 1,100,000 15,800,000 Retail P 2,200,000 26,300,000 Freight in 500,000 Purchase returns 600,000 1,000,000 Purchase allowances 300,000 Departmental transfer in 400,000 800,000 Markups 300,000 Cancelation of markdown 150,000 Departmental transfer out 350,000 900,000 Markdowns 800,000 Cancelation of markup 50,000 Sales 24,700,000 Sales returns 350,000 Sales discounts Sales allowances 200,000 120,000 Employee discounts Normal wastage 600,000 5% of sales 1. What is the estimated fire loss if Sao Tome applies the conservative retail approach? 2. What is the estimated cost of goods sold if Sao Tome applies the FIFO retail approach? 3. What is the estimated ending inventory if Sao Tome applies the average cost approach?