Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year ended December 31, 2024. Additional information follows:

	January 1	December 31
Accounts receivable	2,000,000	3,000,000
Allowance for uncollectible accounts	(150,000)	(200,000)
Accounts payable	1,500,000	2,400,000
Inventory	2,300,000	2,600,000

Gayagoy wrote off uncollectible accounts totaling P500,000 during 2024. Under cash basis, what is the gross profit?