On Sept. 30, 2020, a fire at Sakalam Company's only warehouse caused severe damage to its entire inventory. Based on recent history, Sakalam has a gross profit of 30% of net sales. The following information is available for the nine months ended Sept. 30, 2020:

Inventory, Jan 1, 2020	550,000
Purchases from January to date of fire	3,000,000
Freight cost of goods purchased	60,000
Credit memo received on goods purchased	200,000
Discounts taken on purchases	80,000
Invoice received for goods purchased but still in transit shipped on Sept. 30, 2020, FOB shipping point	120,000
Sales delivered and recorded from January to date of fire	3,600,000
Unrecorded sales invoice for goods delivered	300,000
Sales returns accounted and recorded to date of fire	160,000
Sales discounts taken by customers	40,000

A physical inventory disclosed usable damaged goods which Sakalam estimates can be sold to a intermediary for P50,000. What is the inventory lost under gross profit method?