Silay Company is employing backflush costing in connection with just-in-time production process. The entity provided the following production data fo the year:

- The entity acquired direct materials during the year at a cost of P200,000

- The entity reported direct labor cost of P400,000

- The actual factory overhead incurred during the year amounted to P340,000

- The standard factory overhead application rate is 75% of direct labor cost.

- The ending finished goods inventory reported is P240,000

What is the cost of goods sold under backflush costing?