Hardy Company is a wholesale electronics distributor. On December 31, 2008, it prepared the following partial income statement: Gross sales ............................... P600,400 Sales discounts ........................... 400 Net sales ................................. P600,000 Cost of goods sold: Beginning inventory ..................... P200,000 Net purchases ........................... 300,000 Given this information, if Hardy Company's gross margin is 30 percent of net sales, what is the correct ending inventory balance? a. P80,000 b. P120,000 c. P180,000 d. P500,000