On December 31, 2022, the home office of ABC Company recorded a shipment of merchandise to its Manila branch as follows:

Manila Branch	P30,000
Shipments to Manila Branch	(25,000)
Unrealized profit in Manila Branch Inventory	(4,000)
Cash (for freight charges)	(1,000)

The Manila branch sells 40% of the merchandise to outside entities during the rest of December 31, 2022. The book of the home office and ABC branches are closed on December 31 of each year. On January 5, 2023, the Manila branch transfers half of the original shipments to the Makati branch, and the Manila branch pays P500 freight on the shipment. Shipments directly to the Makati branch for the same shipment size is at P1,500.

1. How much is the loss on excess freight to be recognized in 2023?
2. How much is the inventory to be presented in the separate books of the branch as of December 31, 2022?