Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory- P5,000,000 • Purchases- P26,000,000 • Freight In- P2,000,000 • Purchase returns and allowances- P3,500,000 • Purchase discounts- P1,500,000 • Sales- P40,000,000 • Sales returns- P3,000,000 • Sales allowances- P500,000 • Sales discounts- P1,000,000 Physical inventory on the company’s warehouse was made at year-end, which shows that P4,000,000 worth of inventory is physically located within the company’s premises. However, unsold goods out on consignment with selling price of 1,000,000 are still on the consignee’s premises. Based on history, Anpanman uses a gross profit rate of 40%. How much is the estimated inventory loss?
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