For the year 2023, SINE Company reported the following information that may be relevant in estimating its ending inventory: Net sales Sales discounts Sales returns Sales allowances Beginning inventory Gross purchases Purchase discounts Purchase returns Purchase allowances Freight in P7,000,000 80,000 200,000 100,000 2,120,000 6,160,000 40,000 180,000 80,000 250,000 Freight out Advertising expense Salaries expense - office employees 330,000 500,000 2,500,000 The Company has consistently applied a gross profit rate of 25% based on cost to all of its sale transactions during year. Required: From this information and using the gross profit method, determine the estimated ending inventory as of December 31, 2023.