2 pts When the home office ships merchandise to the branch above its cost, the cost of goods sold on the branch income statement is: Barros Corporation's shipments to and from it Brazil City Branch are billed at 120% of cost. On December 31, Brazil Branch reported the following data, at billed prices: inventor, January 1, of P33,600; shipments received from home office of P840,000; shipments returned of P48,000; and inventory, December 31, of P36,000. What is the balance of the allowance for overvaluation of branch inventory on December 31 before adjustments