DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at cost and before any necessary year end adjustments relating to the following. Included in the...

DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at cost and before any necessary year end adjustments relating to the following.


Included in the physical count were goods billed to a customer FOB Shipping Point on December 30, 2021.
These goods had a cost of 200,000 and were picked by the carrier on January 5, 2022.


Goods shipped FOB Shipping point on December 28, 2021 from a venfor to Delta were received and recorded on January 4, 2022. The invoice cost was P300,000.


What amount should be reported as inventory on December 31, 2021?