The Elegance Manufacturing Manufacturing Company, in its statement of financial position as of December 31, 2019, has an inventory of P1,760,000 which consists of:

Direct materials P550,000

Direct materials purchases in transit, FOB destination 120,000

Direct materials purchases in transit, FOB Shipping point 90,000

Prepaid insurance on inventory 20,000

Work in process 380,000

Finished goods 450,000

Goods shipped on consignment, at selling price with 20% profit on sales 150,000

What is the cost of inventory to be shown in the statement of financial position of Elegance as of December 31 2019?