COD Grocery operates a customer loyalty program. The entity grants program loyalty points when they send a specified amount on groceries. Program members can redeem the points for further groceries and the points have no expiry date. During 2021, the sales amounted to P8,000,000 based on stand-alone selling price. The entity granted 16,000 points but management expected that only 80% of the points will be redeemed. The stand-alone selling price of each loyalty point is P125. On December 31, 2021, 5,000 points have been redeemed. What amount should be reported as sales revenue including the revenue earned from points for 2021?

a. 10,000,000

b.6,400,000

c.8,000,000

d.7,025,000