Solve the following problem.

Problem Karen Company reported the following information for the current year: Beginning inventory 5,000,000 Purchases 26,000,000 Freight in 2,000,000 Purchase returns and allowances 3,500,000 Purchase discounts 1,500,000 Sales 40,000,000 Sales returns 3,000,000 Sales allowances 500,000 Sales discounts 1,000,000 A physical inventory take at year-end resulted in an ending inventory of P4,000,000. At year-end, unsold goods out on consignment with selling price of P1,000,000 are in the hands of a consignee. The gross prot was 40% on sales. 1. What is the cost of goods available for sale? 2. What is the cost of goods sold? 3. What is the estimated cost of inventory shortage