The following data were taken from the records of Home office and its branch for 2019:

Description	Home office	Branch
Sales	P530,000	P157,500
Beginning inventory	57,500	22,250
Purchases	410,000	-
Shipments to branch	105,000	-
Shipments from home office	-	126,000
Ending inventory	71,250	29,250
Expenses	191,000	50,750

In 2019, the home office billed the branch at 120% cost which was lower by 5% than last year's. What is the combined net income?

Group of answer choices

48,000

48,325

56,075

49,650