Leomar, a VAT-registered person has the following data:

Export sales, total invoice amount	P3,000,000
Domestic sales, total invoice amount	6,720,000
Purchases used to manufacture goods for export and domestic sales:
Raw Materials, VAT inclusive	616,000
Supplies, VAT inclusive	448,000
Equipment, VAT exclusive	300,000

The amount of input tax which can be refunded or converted into tax credit certificates at the option of Leomar is:

Group of answer choices

P39,600

P120,000

P50,000

P118,800