Purple company had determined its December 31, 2019 inventory on a FIFO basis at P200,000. Information pertaining to that inventory follows:  Estimated selling price    P204,000 Estimated costs of disposal  10,000 Normal Profit  30,000 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? WITH EXPLANATION PLS!

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