Your accounting supervisor asked you to determine the reportable amount of inventory in the statement of financial position under:

(1) FIFO cost flow assumption (Answer should be: 95,450)

(2) Weighted Average Cost Flow Assumption (Answer should be: 79,650)

(3) Moving Average Cost Flow Assumption (Answer should be: 66,000)

The following items were made available to you by your accounting supervisor. In PHP Estimated Estimated Moving Weighted Estimated Estimated cost of gross Inventory FIFO Average Average Selling cost of disposal profit item Cost (MA) (WA) Cost price Cost completion (based on (based on sales) sales) Item 1 1 20,000 25,000 23,000 50,000 1,500 5% 30% Item 2 35,000 20,000 15,000 35,000 500 2% 25% Item 3 52,000 21,000 53,524 45,000 2,000 3% 28%