Based on the physical inventory taken on December 31, 2020, Maria Company has an ending inventory costing P950.000 but with a fair Value less cost sell P750,000. During the year 2020 Maria Company has yet to sell this inventory due primarily to the nature of the business. On December 31, 2020 the inventory has a fair value less cost to sell of P1,100,000. In the December 31, 2020 balance sheet, what amount should the inventory be valued?

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