Grateful Company a manufacturer and seller of furniture included the following items under inventories: Advance for materials ordered 300,000 Finished goods in hands of consignees including 40% profit on sales 600,000 Unsalable finished goods, at cost 110,000 Office supplies 50,000 Materials in transit shipped FOB shipping point, excluding freight of P20,000 250,000 Materials in transit shipped FOB destination 900,000 Materials 1,500,000 Goods in process 750,000 Goods held on consignment, at sales price, cost P75,000 100,000 Finished goods out on approval, at cost 225,000 Finished goods in transit to customers, shipped FOB destination, at cost 850,000 Advertising catalogs and shipping boxes 150,000 Finished goods in factory 2,800,000 Finished goods in company-owned retail stores, including 40% profit on cost 700,000 Sold goods in good condition but returned by a customer (including 25% profit on cost) 150,000 Compute the amount to be presented as Inventories under current assets.