Veteran Poultry employs the cash basis of accounting for its poultry business. For the taxable year 2020, it has the following data: Cash sales on livestock raised P500,000; Sales of livestock purchased 250,000; Cost of sales 300,000; Other income 100,000. How much is the gross income in 2020?

Select one:

a.P850,000

b.P750,000

c.P550,000

d.P450,000