. 7. Belgium Company reported inventory on hand at year-end valued at a cost of P920,000. The following items were not included in this inventory amount : Goods out on consignment to a consigned, sales price P35,000, shipping cost of P2,000. Purchased goods in transit, terms FOB shipping point, invoice price P50,000, freight cost, P2,500. Goods sold to a customer, under terms FOP destination, invoiced for P18,500 which includes P1,000 freight charge to deliver the goods. Goods are in transit. The selling price is 140% of cost. Goods held on consignment at a sales price of P28,000 including sales commission of 20% of sales price. Purchased goods in transit, shipped FOB destination, invoice price P30,000 which includes freight charge of P1,500. What is the adjusted cost of inventory at year-end