I NEED IT ASAP, PLEASE HELP

USED ONLY 2 DECIMAL. BOX THE FINAL ANSWERS.

SOLUTION MUST BE COMPLETE (GIVE, WHAT IS BEING ASKED, FORMULA, SOLUTIONS, ANSWER)

A contract is awarded for P100,000. It is to be completed in 4 weeks' time, subject to a penalty of P2400 per day if the time is exceeded. At the end of three weeks, the work is 60% complete. Cost of labor was initially estimated at P40000 when working 40 hours per week. If overtime labor must be compensated at double time and work is 8 hours a day straight time, on the revised work schedule determine: (a) Which would be cheaper, to take the penalty or to complete the job by working overtime? (b) By what percent would the labor cost be reduced by the cheaper plan?