On December 31, 2016, a fire damaged the finished goods of Francis Corporation. Financial records

before the fire follow:

January 1 December 31 Gross Profit 20% Purchase discounts P 80,000 Purchase returns and allowances 70,000 Freight-in (on account) 100,000 Purchases 3,000,000 Sales discounts 100,000 Sales 5,100,000 Finished goods P 400.000 ? Work in process 250.000 280,000 Direct materials 200,000 320,000 Accounts payable 555,000 250,000