The Tempo Company has an inventory conversion period of 60 days, a receivable conversion period of 30 days, and a payable payment period of 45 days. The Tempos variable cost is 60% and annual fixed costs of P600,000. The current cost of capital for Tempo is 12%. If Tempos annual sales are P3,375,000 and all sales are on credit, what is the firms carrying cost on accounts receivable, using 360 days year?

(Please include your solution.)