Faith Company reported inventory on hand at year-end valued at a cost of P950,000. The following items were not included in this inventory amount:1. Purchased goods in transit, shipped FOB destination, invoice price P30,000 which includes freight charge of P1,5002. Goods held on consignment by Faith Company at a sale price of P28,000, including sales commission of 20% of the sales price3. Goods sold to a customer, under terms FOB 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 cost4. Purchased goods in transit, FOB shipping point, invoice price P50,000, freight cost P2,5005. Goods out on consignment to a consignee, sales price P35,000, shipping cost P2,000What is the adjusted cost of inventory at year-end?