On December 1, 2015, Jade Company entered into a commitment to purchase 100,000 barrels of aviation fuel for P55 per barrel on March 31, 2016. The entity entered into this purchase commitment to protect itself against the volatility in the aviation fuel market. By December 31, 2015, the purchase price of aviation fuel had fallen to P50 per barrel. However, by March 31, 2016, when the entity took delivery of the 100,000 barrels the price of aviation fuel had risen to P53 per barrel. What amount should be debited to purchases on March 31, 2016?