A flood had destroyed the entitys inventory. The partially-damaged inventory left can be sold at P100,000 but cost to sell would be P20,000. Inventory records show a beginning inventory balance of P100,000, purchases of P2,000,000, and purchase returns of P120,000. Store records show P630,000 cash sales, P1,100,000 credit sales, P70,000 sales returns and P30,000 sales allowances. Cost rate is at 65%. How much was the inventory loss from the flood? Note: Solutions must be in good accounting form