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How much is the real net income of bulacan

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Problem 1: The Rafael corporation established its Bulacan branch in January 2018. During its first year of operations, home office shipped to its Bulacan branch merchandise worth P520,000 which included a markup of 15% on cost. Sales on account totaled P1,000,000 while cash sales amounted to P320,000. Bulacan reported operating expenses of P152,000 and ending inventory of P60,000, at billed price. In so far as the home office is concerned, how much is the real net income of Bulacan?

Reference no: EM132737304

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