ABC Company took a physical inventory at the end of the year and determined that P 2,500,000 of goods were on hand. In addition, the entity determined that P500,000 of goods purchased in transit...

ABC Company took a physical inventory at the end of the year and determined that P 2,500,000 of goods were on hand. In addition, the entity determined that P500,000 of goods purchased in transit shipped FOB Shipping point were actually received two days after the physical count and that the entity had P 300,000 of goods out on consignment. What amount should be reported as inventory at year end?