You were assigned to audit the inventories of Techno Industries Inc. for the period ended December

31, 2020. Techno Industries, a distributor of specialized equipment in the textile industry has the

following inventory transactions based on its records:

Date Particulars Units Cost Sales

Price

Jan. 1 Beginning Balance 2,000 P550

Feb. 3 Purchase 1,700 600

Mar. 5 Sale 1,000 P800

Mar. 20 Sale 900 800

Apr. 15 Purchase 1,000 660

May 20 Purchase 1,800 720

Jun. 5 Sale 1,400 900

Jul. 10 Sale 900 900

Aug. 30 Purchase 800 780

Oct. 11 Sale 1,400 1,000

Nov. 12 Sale 600 1,000

Dec. 15 Purchase 1,000 800

Based on your review of subsequent events, the latest sales transaction selling price inventories was

at P850. Cost to sell is estimated at 10% of the estimated selling price.

What is the correct carrying value of inventories to be reported in the 2020 Statement of Financial

Position and the corresponding loss on inventory write-down in the 2020 Statement of Comprehensive

Income, assuming no allowance for write-down account was recognized in the previous year under the

following assumptions:

1. The company maintains periodic records and uses FIFO cost formula.

2. The company maintains perpetual records and uses FIFO cost formula.

3. The company maintains period records and uses Average cost formula.

4. The company maintains perpetual records and uses Average cost formula.