Problem 2 ABC Company had the following transactions for Material XYZ using a perpetual inventory system during the month of July: Beginning balance: 2,800 units @ P12.00 per unit Received 1,000 units @ P13.50 per unit July 1 4 Issued 1,200 units 6 8 14 17 Issued 1,000 units Received 400 units @ P15.00 per unit Issued 800 units 20 Received 500 units @ P14.50 per unit Required: Determine the amount of Materials Inventory and Materials Used at the end of July related to Material XYZ using A. FIFO Method B. Average Method