B. Budgeted Income Statement, Purchases Budget, Cash Budget, Budgeted Balance Sheet. The following information is available for SM Stores: Budgeted sales for January, 2019 = P200,000 Budgeted sales for February, 2019 = 240,000 Cost data: Purchase price of the product = 60% of selling price Commission to salespeople = 10% of sales Depreciation = P2,000 per month Other operating expense = P42,000 per month, including depreciation Balance Sheet at December 31, 2018 had the following accounts and their balances: Cash = P20,000, Account receivable = P110,000, Inventory = P150,000, Building and equipment, net = P200,000, Accounts payable for merchandise = P80,000, Capital stock = P300,000, Retained earnings = P100,000 Additional data: a. SM maintains inventory of 150% of the coming month's sales requirements. b. Sales are collected 40% in the month of sale, 60% in the following month. c. Purchases are paid 30% in the month of purchase, 70% of the following month. d. All other expenses requiring cash are paid in the month incurred. e. The Board of Directors plans to declare a P3,000 dividend on January 10, payable on January 25. Required: Prepare the following: 1. Budgeted Income Statement for January 2. Purchases Budget for January 3. Cash Budget for January 4. Budgeted Balance Sheet as of January 31, 2019