In an effort to increase sales, Relay Company inaugurated a sales promotional campaign on June 30, 2021. The entity placed a coupon redeemable for a premium in each package of cereal sold. Each premium cost P20 and five coupons must be presented by a customer to receive a premium. The entity estimated that only 60% of the coupons issued would be redeemed. For the six months ended December 31, 2021, the following information is available: Packages of cereal sold Premium purchased Coupons redeemed 160,000 12,000 40,000 What is the estimated liability for premiums on December 31, 2021? P160,000 P288,000 P224,000 P384,000