1. Iceland Company provided you the following information for the purpose of determining the amount of its inventory as of December 31, 2020: Goods located at the warehouse (per physical count) Goods located at the sales department including 40% profit on cost Goods in-transit purchased FOB destination Goods in-transit purchased FOB shipping point Freight incurred under "freight prepaid" for the goods purchased under FOB shipping point Goods held on consignment from Greenland, Inc. P 3,800,000 19,040,000 1,600,000 2,100,000 60,000 1,800,000 How much is the total inventory on December 31, 2020