Loombard Compay adopted the FIFO Approach of inventory pricing in connection with the use of the retail inventory method. The retail records showed the following: 2021 Cost Retail Beginning Inventory P420,000 P600,000 Purchases 5,011,200 6,890,000 Net Markup 160,000 Net Markdown 90,000 Sales 6,839,000 2022 Purchases 4,970,000 7,110,000 Net Markup 100,000 Net Markdown 110,000 Sales 7,033,000 The estimated cost of goods sold on December 31, 2022 applying the FIFO approach will be? Ans: 4,937,520