3. On December 31, 2020, Norway Company has a balance of P1,600,000 in its inventory account determined through physical count and a balance of P1,000,000 in its accounts payable account. The balances were determined before any necessary adjustment for the following: a. Merchandise costing P100,000, shipped FOB shipping point from a vendor on December 30, 2020, was received and recorded on January 5, 2021. b. A package containing a product costing P500,000 was standing in the shipping area when the physical inventory was conducted. This was not included in the inventory because it was marked "Hold for shipping instructions." The sale order was dated December 17, 2020 but the package was actually shipped and customer billed on January 3, 2021. c. Goods in the shipping area were included in inventory because shipment was not made until January 4, 2021. The goods, billed to the customer FOB shipping point on December 30, 2020, had a cost of P200,000. d. Goods shipped FOB destination on December 27, 2020 from a vendor were received on January 6, 2021. The invoice cost of P300,000 was recorded on December 31, 2020 and this was included in the count as "goods in transit". Determine the adjusted balance of inventory as of December 31, 2020. 5. The records of Sweden Company show the following: a. Goods sold on an installment basis to Portugal Inc., title to the goods is retained by Sweden until full payment is made. Portugal took possession of the goods, P750,000. b. Goods sold to Poland Company, for which Sweden has signed an agreement to repurchase the goods sold at a set price that covers all costs related to the inventory, P680,000. c. Goods received from Austria Company for which an agreement was signed requiring Sweden to replace such goods at an agreed time in the near future, P580,000. How much is included as part of Sweden Company's inventory