On December 31, 2020, a fire broke out in the warehouse of Cialete Company, destroying all its inventory. The following information is presented for 2020:

` January 1 December 31

Inventory 750,000

Accounts Receivable 510,000 P 490,000

Accounts Payable 350,000 590,000

Collection on accounts receivable 3,100,000

Payment to suppliers 1,950,000

Goods out on consignment at sales price 310,000

Salvage value of inventory 45,000

2019 2018 2017

Sales P3,000,000 P2,750,000 P2,100,000

Gross Profit 1,200,000 1,045,000 756,000

Requirements: Compute the following on December 31, 2020

1. Purchases

2. Sales

3. Inventory Loss