HONDA Inc. is using Just-in-Time Production System and Backflush Cost Accounting System for the year ended December 31, 2016. The following information was provided for the year 2016:

A. Raw materials purchased for year 2016 totaled P1,000,000.

B. Direct labor for the year 2016 totaled P500,000.

C. Actual overhead for the year 2016 totaled P300,000 and the standard overhead rate is 50% of direct labor cost.

D. The production report for year 2016 showed that the Finished Goods Inventory at December 31 was P200,000 consisting of: Direct Materials 110,000

Direct Labor 60,000

Factory Overhead 30,000

What is the Cost of Goods Sold for the year ended December 31, 2016?