Solutions must be in good accounting form.

ABC Malls uses the retail method to estimate it interim inventory balance. It gathered the following for the current reporting period: Cost Retail Beginning Inventory P 800,000 P 1,300,000 Purchases 5,900,000 9,500,000 Freight-in 240,000 Purchase returns and allowance 460,000 600,000 Purchase discount 300,000 Net Markup 500,000 Net Markdown 400,000 Sales 9,200,000 Sales returns and allowances 300,000 Sales discount 250,000 Normal inventory loss 400,000 If ABC uses the average retail method, how much would the estimated ending inventory be