Light of Jesus operates a branch in Cagayan de Oro City. Selected accounts were taken from Dec. 31, 2010, financial statements of Light of Jesus and its branch follow:

	Home Office	Branch
Sales	6,900,000	3,765,000
Shipments to Branch	1,750,000
Shipments from Home Office		2,187,500
Inventory, Jan. 1	800,000	120,000
Inventory, Dec. 31	640,000	250,000
Purchases	6,800,000	1,000,000
Allowance for overvaluation before adjustment	452,5000
Expenses	356,000	250,000

Required

The ending inventory of the branch includes P120,000 purchased from outside suppliers. The consolidated net income is____________.