On September 30, 2022, a fire at Avida Company's warehouse caused severe damage to its entire inventory. Based on the recent history, Avida has a gross profit of 30% of net sales. A physical inventory disclosed usable damaged goods which Avida estimates can be sold to a jobber for P50,000. The following information is available from Avida's records for the 9 months ended December 31, 2022.

Inventory, January 1 550,000

Total purchases received and recorded,

January1-September 30 3,000,000

Total freight cost of goods

purchased and received 60,000

Total credit memo received on goods

purchased and received 200,000

Total discounts taken on purchases 80,000

Invoice received for goods purchased but still

in transit shipped September 30, 2022,

FOB shipping point 120,000

Total sales delivered and recorded,

January 1 and September 30 3,600,000

Unrecorded sales invoice for goods delivered 300,000

Total sales returns accounted and recorded,

January 1-September 30 160,000

Total sales discount taken by customers on

recorded sales 40,000

Using the gross profit method, how much is the inventory loss?