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:

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