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During 2021, goods were shipped to the branch at 120% above cost. The reciprocal account in the income statement of the home office amounted to P237,500. The balance of the contra branch current account reports a balance of P375,000 before adjustment. The beginning inventory of the branch from the home office at cost is P360,000 and from outsiders, P93,000. The branch purchased goods from outsiders during the year amounting to P125,200. The ending inventory of the branch as reported in the combined statement of financial position is P345,000. The branch income as reported in the combined financial statements and as reported in the branch's books are P201,125 and P120,750, respectively.
Problem 1: How much is the cost of goods sold to be reported in the branch's income statement for the year ended December 31, 2021?
a. P 514,500
b. P 470,700
c. P 551,075
d. P 790,500
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