Tarmac Company prepared a trial balance at year-end which 1. Prepare a schedule of cost of goods sold for the current year. 2. Prepare journal entries to record the ending inventory and Problem 12-5 (AICPA Adapted) included the following accounts: Sales (100,000 units at P150) Sales discount Purchases Purchase discount 15,000,000 1,000,000 9,400,000 400,000 The inventory purchases during the year were as follows: Units Unit cost Total cost Beginning inventory, January 1 20,000 Purchases, quarter ended March 31 30,000 Purchases, quarter ended June 30 40,000 Purchases, quarter ended Sept. 30 50,000 Purchases, quarter ended Dec. 31 10,000 150,000 60 65 70 75 90 1,200,000 1,950,000 2,800,000 3,750,000 900,000 10,600,000 The accounting policy is to report inventory at the lower of cost and net realizable value applied to total inventory. Cost is determined under the first-in, first-out method. At the beginning of current year, the entity reported an allowance for inventory writedown of P400,000. At year-end, the entity determined that the replacement cost of inventory was P70 per unit and the net realizable value was P72 per unit. The normal profit margin is P10 per unit. Required: any inventory writedown