The records of Hot's Department Store report the following data for the month of January:

Beginning inventory at cost

P440,000

Beginning inventory at sales price

800,000

Purchases at cost

4,500,000

Initial markup on purchases

2,900,000

Purchase returns at cost

240,000

Purchase returns at sales price

350,000

Freight on purchases

100,000

Additional markup

250,000

Markup cancellations

100,000

Markdown

600,000

Markdown cancellations

100,000

Net sales

6,500,000

Sales allowance

100,000

Sales returns

500,000

Employee discounts

200,000

Theft and other losses

100,000

Using the average retail inventory method, Hot's ending inventory at cost is