> Question 31 1 pts You are assisting in drafting the financial statements of MY, Inc. (MI). Most of MI's competitors value their inventory using the average cost (AVCO) basis, whereas MI uses the first in first out (FIFO) basis. The value of MI's inventory at September 30, 2020 (on the FIFO basis) is P20,000,000, however on the AVCO basis it would be valued at P18,000,000. By adopting the same method (AVCO) as its competitors, the assistant accountant says the company would improve its profit for the year ended September 30, 2020 by P2,000,000. MI's inventory at September 30, 2019 was reported as P15,000,000 million, however on the AVCO basis it would have been reported as P13,400,000 million. What will be the net increase (decrease) in profits as a result of the change in cost flow assumption for the year ended September 30, 2020? Note: Net increase is denoted by a positive amount, while net decrease is denoted by a negative amount.