Examination of the records of Mezza Company for the year ended December 31, 2022 revealed the following:

• During 2022, Mezza received 40,000 as cash advance from a customer for merchandise to be manufactured and shipped during 2013. The P40,000 was credited to sales revenue.
• Inventory at January 1, 2022, was overstated by 71,000
• Inventory at December 31, 2022 was understated by 96,000
• Profit (before adjustments) reported on the 2022 profit or loss was 658,000.

What is the correct profit for the year ended December 31, 2022?