The Maui Company has a branch in Basilan. During the first year of operations the home office shipped goods to the branch at billed price totaling P250,000, which was 25% above cost. The branch on December 31, 2011, showed an inventory of P50,000 at billed price. How much is the true net income if the reported branch income is 50,000?

70,000

80,000

90,000

100,000