The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items: *Goods purchased in transit, FOB shipping point, P130,000 *Goods held on consignment, P56,000 *Goods out on approval, at sales price of P32,500 (cost is P25,000) What is the correct amount of inventory at December 31, 2021?

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