The following information are extracted from the books and records of the Home office and its branch. The balances are at December 31, 2019: Description Home office books Branch books Sales P200,000 P60,000 Shipments to branch Shipments from home office 80,000 Purchases 30,000 Expenses 60,000 20,000 Beginning inventory Allowance for overvaluation 24,000 There are no shipments in transit between the home office and the branch. Both shipments are properly recorded. The ending inventory at billed price includes merchandise acquired from the home office in the amount of P20,000 and P6,000 acquired from vendors for a total of P26,000. How much of the branch beginning inventory was acquired from outsiders? 12.000 10.000 4.000 8.000 Using the data in the previous question, what is the true branch net income? O 36,000 40.000 45,000 55,000