AA Company prepared the following figures for its only product as a basis for its 200B budget:;

Budgeted Sales

240,000 units

Selling price

P 5

Required materials per unit of product

2 pieces

Materials beginning inventory

20,000 pieces

Materials ending inventory

24,000 pieces

Purchase price per piece of material

P 3

Finished goods beginning inventory

15,000 units

Finished goods ending inventory

18,000 units

Direct labor hours, per 1,000 units of product

60 hours

Direct labor rate per hour

P30

Variable factory overhead rate per hour

P10

Fixed factory overhead

P300,000

The budgeted peso amount of materials purchases is

P 741,000

P 1,458,000

P 2,450,000

P1,470,000

Show me the solution please so that I will understand it more. Thank you