Lafayette Company uses the first-in, first-out retail method of inventory valuation. The following information is available:

• Beginning inventory: P115,000 at cost; P300,000 at retail
• Purchases: P600,000 at cost; P1,100,000 at retail
• Net additional markups- P100,000; net markdowns- P200,000
• Sales revenue 1,200,000

Applying the lower of cost or net realizable value, what is the estimated cost of the ending inventory using the FIFO basis?