Required : What is the inventory on December 31, 2015 using the average cost retail method

19. On January 1, 2015, the stock inventory of Elie Store was P1,000,000 at retail and P5605000 at cost. During the current yea r, the entity registered the following purchases: Cost 4,000,000 Retail Price 6,200,000 Original Markup 2,200,000 The total net sales were P5,400,000. The following reductions were made in the retail price: To meet price com petition 50,000 To dispose of overstock 30,000 Miscellaneous reductions 120,000 During the current year, the selling price of a certain inventory increased from P200 to P300. This additional markup applied to 5,000 items but was later canceled on the remaining 1,000 items. What is the inventory on December 31, 2015 using the average cost retail method