January 1, 2020 an entity acquired goods for sale in the ordinary course of business for ₱100,000, including ₱5,000 refundable purchase taxes. The supplier usually sells goods on 30 days’...

January 1, 2020 an entity acquired goods for sale in the ordinary course of business for ₱100,000,
including ₱5,000 refundable purchase taxes. The supplier usually sells goods on 30 days’ interest-free
credit. However, as a special promotion, the purchase agreement for these goods provided for
payment to be made in full on December 31, 2020. In acquiring the goods transport charges of ₱2,000
were incurred: these were due on January 1, 2020. An appropriate discount rate is 10% per year. The
entity shall measure the cost of inventories at: