15. The Lucio Corporation presented the following balances from the historical peso income statement for the year ended December 31, 2018:
Sales P350,000
Cost of goods sold P218,000
Depreciation - building P34,000
Depreciation - equipment P23,000
All other expenses P48,000
Other information includes:
Merchandise available for sale came from 2017 inventory of P28,750 and 2018 purchases of P220,000
Building costing P50,000 was acquired at the end of 2015
Equipment totaled P115,000, of which P85,000 was bought at the end of 2015 and P30,000 was bought at the end of 2017
The company uses the FIFO method of inventory valuation; average indexes for the year are used in restating inventories. General price indexes at year-end are as follows:
2015 - 100
2016 - 102
2017 - 106
2018 - 112
(assume that all changes in the general price level index took place more or less evenly during the year)
What should Lucio Corporation report as net income for the year ended December 31, 2018, restated for general price-level changes?
P16,512
P22,852
P22,016
P21,431