1. Kings Company has budgeted sales at P100,000 and expect a profit of 10% of the sales. Expenses are estimated as follows: selling = 15% of sales; administrative = 10% of sales, Labor is expected to be Inventories are to be as follows: January 1 December 31 Materials Work-in-process Finished goods P10,000 3,000 7,000 P5,000 8,000 12,000 Required: Determine the following: a. Cost of goods sold b. Total manufacturing costs C. Factory overhead d. Materials purchases