Income statement information for the year 2020 for Perena Corporation and its 60% owned subsidiary, Amihan Corporation is as follows: Perena P450,000 200,000 P250,000 125,000 Amihan Sales P175,000...

Extracted text: Income statement information for the year 2020 for Perena Corporation and its 60% owned subsidiary, Amihan Corporation is as follows: Perena P450,000 200,000 P250,000 125,000 Amihan Sales P175,000 Cost of Sales 125,000 P 50,000 Gross profit . Operating expenses 25,000 Amihan's net income P 25,000 Perena's separate income P125,000 Intercompany sales for 2020 are upstream (from Amihan to Perena) and total P50,000. Perena's December 31, 2019 and December 31, 2020 inventories contain unrealized profits of P2,500 and P5,000 respectively. The Consolidated cost of sales for 2020: 280,000 O 277,500 O 275,000 272,500