The following data were taken from the records of Star Corporation of manila and its Bulacan Branch for 2015:

Manila Office Bulacan Branch

Sales P424, 000 P126, 000

Inventory, Jan1 46, 000 17, 800

Purchases 328, 000

Shipment to Branch 84, 000

Shipment fr HO 100, 800

Inventory, Dec31 57, 000 23, 400

Expenses 152, 800 40, 600

In 2015, the Home Office billed the Branch at 120% of cost which was lower by 5% than last years. the combined net income of the Home Office and the Branch for 2015 was:

38, 660

38, 860

39, 880

44, 860