The inventory account of Nike Trading at December 31, 2019 included the following items:

Goods purchased in transit, FOB shipping point P130,000

Merchandise out on consginment at sales price (including markup of 30% on cost) 104,000

Goods held on consignment 56,000

Goods out on approval, at sales price (cost, P25,000) 32,500

Based on the above information, the inventory account at December 31, 2019 should be reduced by