12. A home office transfers inventory to its Branch at a 20% markup on cost. During 2015, inventory costing the Home Office P64, 000 was transferred to the Branch. At year-end, the Home office adjusted its Unrealized Intercompany Inventory Profit account downward by P14, 560. The Branchs year-end balance sheet shows P3, 840 of inventory acquired from the Home Office. How much is the beginning inventory of the branch at cost? a. P12, 000 b. P14, 400 c. P2, 400 d. P12, 800