KINDLY INCLUDE FULL SOLUTIONS

Kindly answer the parts that are anwerable I'm not that familiar with this topic.

For questions 6 to 8 Lafayette Company uses the first-in, first-out retail method of inventory valuation. The following information is available: Beginning inventory: P115,000 at cost: P300,000 at retail Purchases: P600,000 at cost: P1,100,000 at retail Net additional markups-P100,000; net markdowns-P200,000 Sales revenue 6. What is the estimated cost of ending inventory using the FIFO retail method? 7. What is the estimated cost of the ending inventory using the average retail method? 8. Applying the lower of cost or net realizable value, what is the estimated cost of the ending inventory using the FIFO basis? IL On December 27, 20x1, ABC received a sale order for a credit sale on goods with selling price of P3,000. The goods were shipped by ABC on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P20. ABC collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected in January 5, 20X2? 12. On December 31, 20x1, ABC sold goods for P20,000 to XYZ on account. To induce sale, ABC provides its buyers the right to return goods within 30 days upon purchase if the buyers are not satisfied with the goods. ABC can reliably estimate that 20% of the goods sold will be returned within the agreed period of time. However, 25% of the goods are actually returned on January 5, 20x2. How much is the net accounts receivable recognized on the date of sale? 13. If ABC cannot reliably estimate future returns. How much is the net accounts receivable recognized on the date of sale