111e inventory on hand December 31, 2020 for Smart Corporation is valued at a cost of P5,000,000.00. 'l1'Ie following items were not included in the inventorv: I Goods purchased in transit shipped FOB destination, with price of P35000000, which includes freight charge of P2500030 . Goods sold in transit FDB destination with invoice price of P500,000.00 which includes freight charge of P4300000 to deliver the goods. I Goods held on consignment by Smart at a sales price of P120,000.00, excluding a 30% commission on the sales price. Freight paid by Smart, P12,000.00 u Goods purchased in transit FCIB shipping point with invoice of P62000000. Freight cost amounts to Pm . Goods out on consignment with sales price of P310,000.00. Shipping cost amounts to P3000000 111e companv sells goods at 150% of cost