8. The Aparri Branch of Cagayan Products, Inc. buys merchandise from this parties and receives merchandise from the home office for which it is biled at 20%% above cost. Below are excerpts from the trial balances and data the home office and Aparri branch for the month just ended: Home Office Books: Cr. Allowance for overvaluation of branch merchandise ..... .! P 740,000 Cr. Shipment to branch 1,700,000 Branch Books: Dr. Beginning inventory .............. P2,880,000 Shipments from home office . 2,040,000 Purchases ... 820,000 Month-end additional data: Ending inventory of branch P2,920,000 From home office at BP, P2,340,000 From outsiders, at cost .. 580,000 For the month just ended: The total cost of goods sold The amount of allowance of Aparri Branch at cost for overvaluation that was (net of overvaluation) realized from branch sales P2,820,000 P 400,000 2,470,000 350,000 2,770,000 740,000 2,470,000 390,000 (Adapted