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Londinium Corp

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Londinium Corp. values its inventory by using the 
retail method (FIFO basis, following information ended: lower of cost or NRV). The is available for the year just Cost Retail Beginning inventory P 80,000 P140,000 Purchases 297,000 420,000 Freight-in 4,000 ? Breakage 8,000 Markups (net) 10,000 Markdowns (net) 2,000 Sales 400,000 
At what amount would Londinium report its ending inventory? a. P112,000 c. P117,600 b. P113,400 d. P119,000 AICPA 1179 11-9