The High Co. in its balance sheet as of December 31, 2019 has an inventory the amount of P176,000 which consists of:

Direct materials

P55,000

Direct materials purchases in transit, FOB destination

12,000

Direct materials purchases in transit, FOB shipping point

9,000

Prepaid insurance on inventory

2,000

Work-in-process

38,000

Finished goods

45,000

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

15,000

What is the cost of inventory to be shown in the statement of financial position of High Co. as of December 31, 2019?