On January 1, 20x7, The Visayas Company acquired a foreign subsidiary. On February 15, 20x7, Visayas' subsidiary purchased 200,000 local currency units on inventory; 50,000 LCU of the original inventory purchased on February 15, 20x7 made up the entire inventory on December 31, 20x7. The exchange rates were as follows; January 1 to June 30, 20x7 4.40 LCU = P1 December 31, 20x7 4.00 LCU = P1 The December 31, 20x7 inventory balance for Visayas' foreign subsidiary should be translated into Philippine pesos in the amount of