Shan Farm reported the following biological assets and agriculture produce for the year ended December 31, 2020:

ASSETS	FAIR VALUE
Cotton plants	P820,000
Dairy cattle	235,000
Diseased cattle	75,000
Harvested cotton	175,000
Harvested cane	120,000
Milk on dairy cattle	72,500
Sheep	325,000
Sugarcane	564,750
Wool from sheep	25,000

1. What amount should the Farm report in its 2020 statement of financial position as biological asset? 2. What amount should the Farm report in its 2020 statement of financial position as inventory related to the above biological assets?