I. The records of Josh Co. provided the following information on May 20, 2022:

Sales, 1/1 to 5/20 P5,000,000

Sales allowance 20,000

Sales discounts 40,000

Sales returns 275,000

Inventory, 1/1 640,000

Freight-in 120,000

Purchases, 1/1 to 5/20 (including P160,000 of goods in transit on 5/20 shipped FOB Shipping point) 3,560,000 Purchase discounts 48,000

On May 20, 2022, a fire destroyed the entire inventory on hand of Josh Co. except for goods marked to sell at P30,000, which had an estimated residual value of P20,000.

Required: Compute the (1) estimated inventory on May 20, 2022 (2) inventory fire loss assuming that the gross profit (margin) is: a.) 33 1/3% of sales, b.) 33 1/3% of cost. *(Note: do not round-off the percentage)