The following information are made available by R Farms of its dairy livestock:

Carrying amount, January 1, 2029P450,000

FV less cost to sell of livestock purchased during the period250,000

Increase in FV less cost to sell attributable to physical changes220,000

Increase in F less cost to sell attributable to price changes64,000

Total selling price less cost to sell of livestock sold during the period290,000

What amount shall be included in gross income of R Farms as a result of the transactions on its dairy livestock?

P64,000

P284,000

P290,000

P220,000