In preparing its interim financial reports for the quarter ending March 31, 2023, TRIGO Company decided to use the gross profit method in estimating its ending inventory. Information that may be relevant for this purpose is provided as follows: Beginning inventory Gross purchases Gross sales Purchase returns Sales returns Freight in Year 2022 P2,300,000 7,530,000 10,350,000 260,000 350,000 400,000 January 1 to March 31, 2023 P2,470,000 1,800,000 2,500,000 60,000 100,000 90,000 Required: Under each of the following independent scenarios, determine the estimated inventory as of March 31, 2023: 1. The Company maintained during the first quarter of 2023 the 2022 gross profit rate based on sales. 2. The Company maintained during the first quarter of 2023 the 2022 gross profit rate based on sales plus additional 3%.