1.Sugary Company has the policy of valuing inventory at the lower of cost and net realizable value using the allowance method. Allowance to Reduce Inventory to NRV account at December 31, 2021 before adjustment is P86,000. Data pertaining to its two classes of sugar products at December 31, 2021 follow: Regular refined (500 bags):     NRV/bag-1,500     Cost/bag-1,650 Muscovado (250 bags):     NRV/bag-1,900     Cost/bag-1,750 How much inventory should be shown in Sugary Company’s December 31 statement of financial position? a. 1,137,500 b. 1,187,500   c. 1,225,000

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