Flood damaged the merchandise inventory of SM Supermarket on July 25, 2020. You have discovered the following information from the records salvaged from the flood:Inventory, January 1, 2020...

Flood damaged the merchandise inventory of SM Supermarket on July 25, 2020. You have discovered the following information from the records salvaged from the flood:Inventory, January 1, 2020 P1,960,000, Sales, January 1 – July 25, 2020 (including goods sold but not delivered to customers, P76,000) P19,530,000, Merchandise purchases including those still in transit, shipped FOB shipping point, P 138,000) P10,470,000, Mark-up on goods sold 40% of cost. The merchandise saved from the flood has an estimated value of P 163,000. What is the estimated value of inventory damaged by the flood?