At the end of 2016, the total assets of XYZ Store amounted to P650, 000, 40% of which is current. Total liabilities are P120, 000. During the year, the company registered total revenue of P850, 000, cost of goods sold is 40% and selling and general expenses are 20%.Gross Profit for 2016 is

Select one:

a. P510,000

b. P340,000

c. P320,000

d. P680,000