Luminous Company provided the following information at the current year-end: 2,000,000 250,000 Finished goods in the storeroom, at cost including the overhead of P400,000 Finished goods in transit, including freight charge of P20,000, FOB shipping point Finished goods held by salesmen, at selling price, at cost, P100,000 Goods in process, at cost 140,000 900,000 Materials 1,000,000 Materials in transit, FOB destination 50,000 20,000 Shipping supplies Gasoline and oil for testing finished goods 110,000 Machine lubricants 60,000 Compute for the cost of inventory at year-end