13. The home ofce of Glendale company which uses the perpetual inventory system, bills shipments of merchandise to the Montrose Branch at a mark up of 25% on the billed price. On august 31, 2008, the credit balance of the home ofce allowance for overvaluation of inventories- Montrose branch ledger account was P60,000. on September 17,2008, the home ofce shipped merchandise to the branch at a billed price of P400,000. the branch reported an ending inventory, at billed price, of P160,000 on September 30,2008. Compute the realize gross prot? a. 108,000 b. 20,000 C. 120,000 d. 28.000