PROBLEM 4 (Year-end Inventory Valuation, Comprehensive) The physical inventory of Nahmany Inc. as of December 26, 2019, totalled P945,000. In trying to establish the December 31 inventory, you noted the following transactions from December 27 to December 31, 2019. Sales (30% markup on cost) P390,000 Credit memos issued: For goods returned on: December 15 10,800 December 20 18,000 December 29 15,600 For goods delivered to customers not in accordance with specifications 3,600 Credit memos received: For goods returned on: December 10 5,400 December 26 4,200 December 28 6,000 Purchases: Placed in stock 90,000 In transit, FOB shipping point 124,500 In transit, FOB destination 39,000 How much is the inventory balance on December 31, 2019