Royal Chateau Corp's physical inventory on December 31, 2016 showed merchandise with a cost of P364,000 was on hand at that date. Excluded from this amount are the following items: Merchandise costing P30,000 held by Royal Chateau on consignment Merchandise costing P45,000 shipped FOB shipping point to a customer on December 29. 2016. The goods were expected to be received by the customer on January 4, 2017. Merchandise costing P62,000 shipped FOB destination to a customer on December 31, 2016. The goods were expected to be received by the customer on January 6, 2017. Merchandise costing P78.000 shipped by a vendor FOB destination on December 31, 2016 and received by Royal Chateau on January 5, 2017. Merchandise costing P54,000 shipped by a vendor FOB seller on December 31, 2016 and received by Royal Chateau on January 3, 2017 The correct amount of Royal Chateau's inventory at December 31. 2016 is