Venus Co.'s inventory at December 31, 2019was P5,000,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: (1) Included in the physical count were goods billed to a customer F.O.B. shipping point on December 31, 2019 These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. (2) Goods shipped F.O.B. shipping point on December 28, 2019, from a vendor to Venus were received on January 4, 2020. The invoice cost was 1, 000 . 1, 201 statement What amount should Venus report as inventory on its December of financial position