Gumamela Company installs replacement siding, windows, and louvered glass doors for family homes. At December 31, 2020, the balance of inventory account was P502,000, and the allowance for inventory write down was P33,000. The inventory cost and market data at December 31, 2020, are as follows:

	Cost	Replacement Cost	Sales Price	NRV	Normal Profit
Aluminum siding	P 89,000	P 86,000	P 91,500	P 87,000	P 5,000
Mahogany siding	94,000	92,000	93,000	85,000	7,000
Louvered glass door	125,000	135,000	129,000	111,000	10,000
Glass windows	194,000	114,000	205,000	197,000	20,000
Total	P 502,000	P 427,000	P 518,500	P 480,000	P 32,000

The correct balance of the inventory after any allowance for write down is