ABC Corporation gathered the following information relating to its inventories: (A) Inventories per physical count P3,000,000; (B) Inventories consigned to ABC included in the count P100,000; (C) Inventories consigned out by ABC, at retail price at 40% gross profit rate P60,000; (D) Inventories purchased, still in transit, FOB Shipping point, exclusive of P30,000 freight cost P300,000; (E) Inventories included in the physical count but customized and segregated for a customer P50,000. How much should be reported as inventories?

Note: Solutions must be in good accounting form