Smirnoff Corp. invested P31,250,000 in a cabinet-making business. It expects to earn a 25% return on its investment in equipment used in the manufacturing the cabinets. Its consultants estimate that 10,000 units of cabinets next year. Estimated costs per unit of cabinet at this level follows: Variable manufacturing costs = P1,562.50; Fixed selling and administrative costs = P625.00; Fixed manufacturing costs = P312.50.

To accomplish the company objective, one cabinet should be priced at:

Present solutions in good accounting form. Avoid parenthetical solutions. Only present your final answer in two decimal places WHEN NECESSARY.