This subject is Intermediate Accounting

FRUITS Company wants to estimate its ending inventory balance by applying the retail inventory method. For the year ended and as of December 31, 2022, the following amounts were reported: Beg. Inv., at cost P1,300,000 Transfer-in, retail P1,000,000 Beg. Inv., at retail 2,000,000 Transfer-out, retail 650,000 Gross purchases, cost 5,916,000 Normal loss, retail 100,000 Gross purchases, retail 8,870,000 Abnormal loss, cost 616,000 Purchase returns, cost 500,000 Abnormal loss, retail 800,000 Purchase returns, retail 720,000 Gross sales 8,500,000 Purchase allow., cost 120,000 Sales returns 550,000 Purchase discounts, cost 90,000 Sales discounts 130,000 Transfer-in, cost 700,000 Sales allowances 400,000 Transfer-out, cost 490,000 Freight in 900,000 Employee discounts 250,000 Markdowns 1,450,000 Markups 1,700,000 Markdown 250,000 cancellations Markup cancellations 200,000 Net markdowns 1.200,000 Net markups 1.500,000 Required: Compute for the estimated ending inventory and the amount of COGS using average method, conventional or LCNRV method and FIFO method