Pasay Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020:

Inventories at December 31, 2020 (based on physical count)1,290,000

Accounts payable at December 31, 2020876,000

Net sales (sales less sales returns)8,087,000

Additional information follows:

a. Goods held on consignment from Anito to Pasay amounting to 9,000, were included in the physical count of goods in Pasay's warehouse on December 31, 2020 and in accounts payable at December 31, 2020.

b. Retailers were holding 50,000 at cost of goods on consignment from Pasay at their stores on December 31, 2020.

c. Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2020. These goods had a cost 31,000 and were billed at 40,000. The shipment was on Pasay's loading dock waiting to be picked up by the common carrier.

d. 15,000 worth of parts which were purchased from Sogo and paid for in December 2020 were sold in the last week of 2020 and appropriately recorded as sales of 21,000. The parts were included in the physical count on December 31, 2020 because the parts were on the loading dock waiting to be picked up by the customer.

e. Goods were in transit from a vendor to Pasay on December 31, 2020. The invoice cost was 71,000 and the goods were shipped FOB shipping point on December 29, 2020.

f. Work in process inventory costing 30,000 was sent to an outside processor for plating on December 30, 2020.

g. Goods returned by customers and held pending inspection in the returned goods area on December 31, 2020 were not included in the physical count. On January 8, 2021, the tools costing 32,000 were inspected and returned to inventory. Credit memos totaling 47,000 were issued to the customers on the same date.

h. Goods shipped to a customer FOB destination on December 26, 2020 were in transit at December 31, 2020 and had a cost of 21,000. Upon notification of receipt by the customer on January 2, 2021, Pasay issued a sales invoice for 42.000.

i. Goods with an invoice cost of 27,000 were received from a vendor at 5:00 pm on December 31, 2020 and were recorded on a receiving report dated January 2, 2021. The goods were not included in the physical count but the invoice was included in accounts payable at December 31, 2020.

j. Goods received from a vendor on December 26, 2020 were included in the physical count. However, the related 56,000 vendor invoice was not included in accounts payable at December 31, 2020 because the accounts payable copy of the receiving report was lost.

k. On January 3, 2021, a monthly freight bill in the amount of 6,000 was received. The bill specifically relates to merchandise purchased in December 2020, one-half of which was still in the inventory at December 31, 2020. The freight charges were not included in either the inventory or accounts payable at December 31, 2020.

Determine the adjusted amounts of:

I. Inventory as of December 31, 2020

II. Accounts payable as of December 31, 2020

III. Net sales for the year 2020