The Home Office in Global City bills its QC branch for shipments of goods at 25% above cost. At the close of the business on April 27, 2020, a fire gutted the branch warehouse and destroyed 70% of the merchandise stock stores therein. Thereafter, the following data were gathered: What is the amount of inventory destroyed by fire per home office records at cost? A. P441,000 B. P178,500 C. P273,000 D. P892,500 How much is the branch net income as provided by GAAP? A. P273,000 B. P892,500 C. P441,000 D. P178,500