On October 1, 20X1, Superman Company shipped 50 units of its merchandise to Consuelo Company on consignment, the sets to be sold at an advertised price of P2,000. The cost of each unit to the consignor was P1,000. The cost of shipment paid by the consignor was P750. The consignor agreed to absorb consignee's expenditures for cartage and also to allow the consignee P100 for delivery and installation of each unit. Commission is to be 25% of sales price. On October 31, Consuelo submitted the following summary of consignment sales:

   

                        Units received                                                   50    

                        Units sold                                                         (16)   

                        Units returned to consignor (defective)        (4)

                        Units on hand                                                   30

     Oct 3 to    Sales (16 units @ P2,000)                                                                 P32,000

     Oct 31         Charges:

                        Cartage in                                                                         P1,000

                        Delivery and installation cost                                            1,600

                        Commission (25% of sales)                                              8,000       (10,600)

                        Balance                                                                                                 P21,400

                        Remittance enclosed                                                                             (5,000)

                        Balance owed (collections from customers not yet made)              P16,400

   

Required

Compute the profit or loss on consignment.