. In the inventory audit of the BaCow Farm Implements, Inc. we gathered the following: Extension, footing errors (undervaluation) Inventory items duplicated P 250,000 P 200,000 P Goods being held on consignment by client Purchased goods still in transit, FOB shipping point Physical inventory of all merchandise in the premises of BaCow Farm Implements, Inc. P 1,500,000 How much should the inventory be stated on December 31, 2020? 750,000 P 500,000