Filipinas, Inc. agreed to purchase merchandise from a foreign vendor on November 30, Year 1. The goods will arrive on January 31, Year 2 and payment of 100,000 FC is due February 28, Year 2. On November 30, Year 1 Filipinas signed an agreement with a foreign exchange broker to buy 100,000 FC on February 28, Year 2. Exchange rates to purchase 1FC are as follows: Nov. 30, Year 1 Dec. 31, Year 1 Jan. 31, Year 2 Feb. 28, Year 2 Spot P1.64 P1.62 P1.59 P1.57 30-day 1.64 1.59 1.60 1.59 60-day 1.63 1.56 1.58 1.58 90-day 1.65 1.62 1.60 1.50 Because of this commitment hedge, Filipinas, Inc. will record the merchandise at what value when it arrives in January? P164,000 P159,000 P165,000 P160,000