2. Given the following information, calculate ABS Hardware's Net Income: Sales: P 8,000,000 Cost of Goods Sold: P 5,600,000 Salaries and Wages: P 800,000 Rent Expense: P 150,000 Advertising Expense: P 80,000 Utility Expense: P 90,00 3. The merchandise is sold for P300,000 cash and for P150,000 on account. The cost of the merchandise is P280,000. What is the amount of the gross profit?