Based on a physical inventory taken at year-end, Jowa mo Jowa ko Company determined the chocolate inventory on a FIFO basis at P7,200,000 with a replacement cost of P4,000,000. The entity estimated that after further processing cost of P2,500,000, the chocolate could be sold as finished candy bars for P9,000,000. The normal profit margin is 10% of sales. What is amount of inventory should be reported at year end using LCNRV?