The current assets of Teresita Enterprise consist of cash, accounts receivable, and inventory. The following information is available: Credit sales 75% of total sales Inventory turnover 5 times Working capital P1,120,000 Current ratio 2 to 1 Quick ratio 1.25 to 1 Average Collection period 42 days Working days 360 The estimated costs of goods sold is:

Group of answer choices

6,000,000

720,000

4,200,000

840,000