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For items 3 and 4, please refer to the following information: Presented below is information pertaining to ABC Company: Cost Retail Inventory, January 1 P8,700 P14,000 Purchases 55,300 80,300 Freight-in 2,000 Purchase discounts 500 Purchase returns 5,200 8,600 Departmental Transfers-in (Debit) 1,000 1,500 Departmental Transfers-out (Credit) 800 1,200 Markups 6,000 Markup cancellations 2,000 Markdowns 12,000 Markdown cancellations 3,000 Abnormal spoilage (theft and casualty loss) 5,000 7,000 Sales 43,800 Sales returns 2,500 Sales discounts 1,000 Employee discounts 500 Normal spoilage (shrinkage and breakage) 200 3. Determine the cost of goods sold under the average cost method. (5 pts.) 4. Determine the ending inventory under the average cost method. (5 pts.)