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1. For the year 2015, Stark Co.'s home office ships goods tolds branch in Winterfell at 120% above cost. The reciprocal account in the income statement of the home office amounted to P237,500. The balance of the valuation account is P375,000 before adjustment. Of the beginning inventory of the branch, 93,000 came from outsiders while the remaining amount came from the home office with a cost of P360,000. The branch purchased goods from its own suppliers during the year amounting to P125,200. The ending inventory of the branch as reported In the combined statement of financial position is P345,000. The branch income as reported in the combined financial statements and as reported in the branch's books are P201,125 and P120,750, respectively. How much is the cost of goods sold to be reported in the branch's income statement for the year ended December 31, 20157 A. P790,500 B. P514,500 C. P551,075 D. P470,700