Sacamore Co. suffered major losses in a fire on January 18, 2020. The blaze destroyed the

company's Work in Process Inventory for the entire product line. The company has gathered the

following information that pertains to production and sales of the affected product line:

1) The company's sales for the first 18 days of January amounted to P230,000. Normally, the

product line generates a gross profit equal to 40% of sales

2)Finished Goods Inventory was P29,000 on January 1 and P42,500 on January 18.

3) On January 1, Work in Process Inventory was P48,000

4) During the first 18 days of January, the company incurred the following costs:

Direct Materials used P76,000

Direct Labor 44,000

Manufacturing Overhead 42,000

Determine the value of Work in Process Inventory that was destroyed by fire.