Problem 9 (Measurement-LCNRV, Item by Item with existing allowance) Hershey's Ice Cream Factory sells a variety of flavors, which includes strawberry, mango, chocolate and durian to its customers. At December 31, 2021, the balance of the entity's ending inventory account was P5,000,000, and the "allowance for inventory writedown" account before any adjustment was P200,000. Relevant information about the proper valuation of inventories and the breakdown of inventory cost and market data at December 31,2021, are as follows: 1. How much should be the inventory to be reported in the year-end statement of financial position? 2. How much is the loss on inventory writedown to be included in entity's 2021 cost of sales? 3. Prepare the joumal entry to record the loss on inventory write-down