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Sensei Inc. is a 90%-owned subsidiary of Master Corp. Summarized income statements for the affiliated companies for the year ended December 31, 2013 follow: Master Sensei Sales P 1,500,000 P 500,000 Cost of Sales (750,000) (200,000) Operating Expenses (550,000) (200,000) Operating Income P 200,000 P 100,000 Dividend Income 10,000 - Net Income P 210,000 P 100,000 Inventory, 12/31/13 P 220,000 P 160,000 During 2013, Master sold merchandise to Sensei for P300,000; and Sensei sold to Master, merchandise for P30,000. The beginning inventory of Master were all acquired from outside vendors; while the beginning inventory of Sensei contained P30,000 of goods acquired from Master. Twenty percent (20%) of the current years intercompany sales remained in the respective ending inventories of the affiliated companies.

Master and Sensei have uniform margin on all of its sales. Calculate the consolidated cost of goods sold for 2013. a. P638,600 b. P639,600 c. P680,000 d. P695,000