Shark Company purchased inventory from Dolphin Corporation for P120,000 on October 4, 2020, and resold 80% to outsider before end of the year, for P140,000. Dove manufactured the inventory sold to...

Extracted text: Shark Company purchased inventory from Dolphin Corporation for P120,000 on October 4, 2020, and resold 80% to outsider before end of the year, for P140,000. Dove manufactured the inventory sold to Shark for the following costs: Direct materials -P40,000, Direct labor -P20,000, Overhead-applied at 75% of direct labor costs. Shark owns 70% of Dolphin. Assume that there are no other transactions occur during 2020. The controlling interest in the consolidated gross profit is: a 45,000 b. 30,800 c. 69,500 d. 69,200 c. 71,200