27. The financial records of Food Inc. were destroyed by fire at the end of 2016. Fortunately, the controller had kept certain statistical data related to the income statement as related below: The beginning merchandise inventory was P92,000 and decreased by 20% during the current year. O Sales discounts amounted to P17,000. U 20,000 ordinary shares were outstanding for the entire year. 0 Interest expense was P20,000. 0 The income tax rate is 35%. Cost of goods sold amounts to P500,000. 0 Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. o Four-fifths of the operating expenses relates to sales activities. How much is the net profit in the year 2016? a. P113,000 b. P132,400 C. P138,450 d. P213,000