The following data were extracted from the accounting records of Marcus Gallery for the year ended February 28, 2008. Merchandise Inventory, March 1, 2007 P450,000 Merchandise Inventory, February 28, 2008 225,000 Purchases 175,000 Purchase Returns and Allowances 25,000 Purchase Discounts 10,000 Sales 680,000 Sales Returns 20,000 Transportation in 5,000 Transportation Out 15,000 QUESTION: How much is the cost of purchases