1E. Palos Company opened its Cebu Branch a year ago. At year end, the branch Summarized operating data as follows: Sales, P354,333; Shipments from home office, F14B,533; Purchase, P13?,533; Expenses, P?i,533; Ending inventory, P32,533 {of which P15,533 from outsiders}; beginning inventory, F53,333 {of which P45,333 come from home office.} The overstatement in branch cost of sales assuming shipments by home office are made at 23%. Gross profit rate is: a. 22,533 b. 21,333 E. 13,?53 d. 21,253