GGG Company is using weighted average method for the costing of its inventories. Information related to its inventories, as well as the purchases and sales, are as follow: At December 31, 2021, the Company's inventory has a cost of P53,500.00. Its estimated selling price decreased to P60.00 and selling costs remains at 15%. On January 1, 2021, the allowance to reduce inventory to NRV had a balance of P5,000.00. REQUIREMENTS: How much is the cost of goods sold for the year? How much is the inventory to be presented in the Statement of Financial Position as of December 31, 2020