Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following:

- Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020.

- Goods shipped FOB shipping point on December 28, 2019, from a vendor to Insular were received on January 4, 2020. The invoice cost was P50,000

What amount should Insular Company report as inventory on its December 31, 2019 statement of financial position