Kikay Corp. has the following transactions on the dates shown: 2014 Aug 1 - Purchased 1,000 shares of Makati Co. for P60,000. (Lot 1) Oct. 1 - Purchased 8,000 shares of Makati Co. for P560,000. (Lot 2) 2015 Jul 1 - Purchased 6,000 shares of Makati Co. for P480,000. (Lot 3) Aug. 1 - Sold 4,000 shares of Makati Co. for P500,000. (Use FIFO.) 2016 Feb. 1 - Received 50% stock dividend. Nov. 1 - Received stock rights (Right issue) to purchase one new share at P60 for every 5 rights tendered. On this date, the share is selling ex- right at P70 and the right at P10. Dec. 1 - Sold all stock rights at P15 per right. V [ Select] 1. The total cost of investment in Makati ordinary shares as of 12/31/15 is [ Select] 2. The total gain on sale of the investment securities from 2014 to 2016 would be [ Select] v 3. The total cost of investment as of 12/31/16 is [ Select] 4. Assuming the average cost method is used, the total cost of investment in Makati ordinary shares as of 12/31/16 would be [ Select] 5. Assuming the average cost method is used, the gain on sale of Makati ordinary shares and stock rights would be higher (lower) than when FIFO is used by how much? Gain on Sale of Stocks; Gain on Sale of Rights