8. The financial records of Fodd, Inc. were destroyed by fire ar the end of 2022. Fortunately, the Comptoller had kept certain statistical data stored to the income statement as presented below: The beginning merchandise inventory was P92,000 and decreased by 20% during the current year. Sales discounts amount of P17,000 P20,000 ordinary shares were outstanding for the entire year. Interest expense was P20,000 The income tax rate is 35% Cost of goods sold amounts to P500,000 Administrative expenses are 20% of cost of goods sold but only 8% of gross sales. Four-fifth (4/5) of the operating expenses relate to sales activities. How much is the net profit in the year 2022?