2. Mariel Co is planning to sell 600 straw hats. Each hat requires kilos of straw and 4 hour of direct labor. Straw costs P0.20 per kilo and employees of the company are paid P22 per hour. Lewis has 80 kilos of straw and 40 hats in beginning inventory and wants to have 50 kilos of straw and 60 hats in ending inventory. How many units should Mariel Co produce in April? Items 3 to 5. Mariel Co reports all its sales on credit, and pays operating costs in the month incurred Amounts for 2013 are: July March April May June Budgeted sales P300,000 P290,000 P320,000 P280,000 P210,000 Budgeted purchases P144,000 P120,000 P128,000 P132,000 P90,000 Customer amounts on account are collected 70% in the month of sale and 30% in the following month. Cost of goods sold is 60% of sales. Mariel Co purchases and pays for merchandise 40% in the month of acquisition and 60% in the following month. Operating expenses are: Salaries, P50,000; Depreciation, P12,000; Rent, P15,000; and Utilities, P14,000; Accounts payable is used only for inventory acquisitions. 3. How much cash will Mariel Co receive during May from customers? 4. How much is Mariel Co' May 30, 2014 budgeted Accounts Receivable? 5. How much is Mariel Co' budgeted balance for Accounts Payable at May 30, 2014? 6. Pinok is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 kilos of brick mix and a half hour of direct labor. Brick mix costs P5 per 100 kilos and employees of the company are paid P12.00 per hour. Manufacturing overhead is applied at a rate of 120% of direct labor costs. Pinok has 600 kilos of brick mix in beginning inventory and wants to have 800 kilos of brick mix in ending inventory. What is the total amount to be budgeted for manufacturing overhead for the month? 7. At January 1, 2013, J. Kho, Inc. has beginning inventory of 3,000 surfboards. J. Kho estimates it will sell 14,000 units during the first quarter of 2013 with a 10% increase in sales each quarter. J. Kho's policy is to maintain an ending inventory equal to 20% of the next quarter's sales. Each surfboard costs P140 and is sold for P200. How many units should J. Kho produce during the first quarter of 2013?