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Friday Company owned wool (agricultural produce) that it had bought from ten other farms for P450,000 on December 31, 2018. At the end of the year, the fair value less costs to sell of this wool was calculated to be P480,000. On February 14, 2019, this wool was sold for P500,000 (after subtracting P10,000 costs to sell). What is the carrying amount of the wool on Dec. 31, 2018