Cayden Company provided the following information: Inventory, January 1 Cost P350,000 Retail 650,000 Purchases during the year Cost 2,900,000 Retail 4,800,000 Freight in 230,000 Purchase Returns Cost...

Cayden Company provided the following information:
Inventory, January 1
Cost P350,000
Retail 650,000
Purchases during the year
Cost 2,900,000
Retail 4,800,000
Freight in 230,000
Purchase Returns

Cost 100,000
Retail 175,000
Purchase Discount 210,000
Sales 5,000,000
Sales Discount 115,000
Sales Returns 200,000
Markups 150,000
Markups cancellation 70,000
Markdown 60,000
Estimated normal shrinkage 2% of sales
Shoplifting losses (abnormal) 50,000
Requirements: Compute the ending inventory using the
1. LCNRV approach
2. Average approach
3. FIFO approach