Where's the P?

Wilfred had just learned his abc's and was very scared of doing them in front of the class. The teacher, though, told him that the best way to conquer his fears would be to just go ahead and do it. So, trembling, he stood in front of the class and began.
"ABCDEFGHIJLKMNOQRSTUVWXYZ."

"Very good, Wilfred. But you forgot the P. Where's the P?

"It's running down my leg."

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