An analysis of the ending inventory account of Careful Company on December 31, 2020 disclosed the inclusion of the following items:

Merchandise in transit purchased on terms:FOB shipping point231,000FOB destination140,000Merchandise sent to customer for approval (cost of goods, P90,000)120,000Merchandise out on consignment at sales price (including markup of 40% on cost)294,000Merchandise held on consignment at sales price (including markup of 30% on cost)195,000

The inventory account at December 31, 2020 should bereduced by?