Samsung Co., organized on March 1, 2021, has a very poor internal control system. The company’s cashier is also its accountant. After 9 months of operations, the company’s manager suspects that the cashier-accountant has been misappropriating company collections. You have been engaged to audit the company’s accounts to determine the extent of fraud, if any

You started the audit on November 15. On that date, the cash on hand per your surprise count was P5,140. Also on that date, the bank confirmed that the balance of the company’s current account was P26,328. Your examination of the records reveals that a check for P1,852 was outstanding on November 15. The company’s mark-up is 40% of sales.

Further examination of the company’s records reveals the following transactions and balances at November 15, 2021:

Ordinary shares issued for cash	P 300,000
Share premium from ordinary shares	20,000
Real property purchased for cash	200,000
Mortgage payable	80,000
Furniture and fixtures (of the acquisition cost, P6,000 remains unpaid as of November 15	29,000
Notes payable - bank	32,000
Accounts payable - trade	46,284
Selling and administrative expenses paid	60,756
Merchandise inventory at cost	93,920
Accounts receivable - trade	85,380
Total sales	340,000

How much was paid for inventory purchases?