On December 31, 2024, Punch Company reported inventory per physical count at P1,500,000. The entity revealed the following information: . Goods in transit by Dec. 31, 2024 purchased FOB shipping point, total price P100,000 including freight of P20,000. . Goods held on consignment included in the count, costing P30,000. . Goods in transit by December 31, 2024 sold FOB destination, costing P45,000 including freight of P5,0000. . Goods purchased in transit by December 31, 2024, "Ex-ship", costing P50,000. Goods purchased in transit by December 31, 2024, "Cost, Insurance, Freight", costing P75,000. What is the correct amount of inventory on December 31, 2024?