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Problem 1: The Simon Company always ships merchandise to a branch outlet at a 30 percent mark-up above cost. During 2013, this branch received P182,000 in such shipments while also acquiring goods from outside vendors at a cost of P96,000. Half of the branch's December 31, 2013, inventory of P57,200 came from home office acquisitions. At the beginning of 2013, the branch held merchandise with a transfer price of P49,400. All of this inventory had been purchased directly from home office. At the end of 2013, what is the adjusted balance in Simon's Allowance for Overvaluation in Branch Inventory account?
A. P4,250
B. P5,340
C. P6,000
D. P6.600
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