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What is the loss on construction incurred by the firm

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Question - The following information pertains to equipment constructed by a firm for its own use. The construction is finished.

Materials used in construction, P400,000

Labor cost during construction, P170,000

Fringe benefits on above labor, P60,000

Incremental overhead due to construction, P 80,000

Interest expense on debt during construction, P20,000

The interest expense meets the requirements for interest capitalization.

The market value of the equipment immediately after construction was completed was P650,000.

What is the loss on construction incurred by the firm?

Reference no: EM133085008

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