LETTER ONLY

34. Entity A's inventories on December 31, 20x1 have a cost of P100,000 and a net realizable value of 780,000. Accordingly, Entity A recognized a write down of inventories of P20,000. Shortly after December 31, 20x1, but before the financial statements were authorized for issue, the inventories were sold for a net sale proceeds of 70,000. The correct amount of inventory write-down to be reported in Entity A's December 31, 20x1 financial statements is * (1 Point) 20,000 30,000 any ul these