Purple company had determined its December 31, 2019 inventory on a FIFO basis at P200,000. Information pertaining to that inventory follows:

Estimated selling priceP204,000

Estimated costs of disposal10,000

Normal Profit30,000

Purple records losses that result from applying the lower of

cost and net realizable value rule.

REQUIRED:What is the amount of loss that Purple Company

should recognize at December 31, 2019?