You are examining the financial statements of URMYCPA INC for the year ended December 31, 2017. The company maintain its books on a semi-basis. Purchase and sales are recognized on an accrual basis while other operating expenses are kept on cash basis. The companys book keeper presented to you a draft of its statement of income for the year under audit:

Sales P 600,000

Cost of Sales 360,000

Gross profit 240,000

Other Expenses 29,000

Depreciation Expense (166,000)

Interest Expense (20,000)

Net Income 25,000

Additional Information:

1. All purchases of inventory are on account and other expense reflect those expenses paid in cash during the period.
2. The company had open invoice from suppliers amounting to P120,000 on December 31, 2017 and 116,000 on January 1, 2017.
3. The company had outstanding invoices (uncollected invoices) to customers amounting to P96,000 on January 1, 2017 and 110 on December 31, 2017.
4. Inventory taking at the end of each year revealed that inventory on hand on December 31, 2016 amounted to P 186,000 while inventory on December 31, 2017 was P174,000.

Requirements:

1. How much was paid for inventory purchases?