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How much is reported as loss on purchase commitments

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Problem - During2019, A Company signed a non- cancelable contract with B Company to purchase5,000, 50-kilos sacks of rice at P1,700 per sack with delivery to be made on June 1, 2020. On December 31, 2019, the price of rice had fallen to P 1,680 per sack. On June 1, 2020, the price per sack of rice has further decrease to P1,540. In A's December 31,2020 profit and loss, how much is reported as loss on purchase commitments?

Reference no: EM133049009

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