Dishware Incorporated Products has an inventory of 25,000 units of finished products on January 1. Sales forecast (in units) for the succeeding months follows:

January - 40,000 February - 55,000 March - 50,000 April - 70,000 May - 60,000

The company maintains a finished goods inventory equal to 40 percent of the forecast sales of the next month. Each unit of a product requires 3 pounds of raw materials at P5 per pound. The budgeted direct labor cost is P8 per hour, and each finished unit requires 30 minutes. Variable factory overhead is 40 percent of raw materials costs. Fixed factory overhead including depreciation is P10,000, totals P90,000 per month. Normal volume is 60,000 units per month. Selling price is P30 per unit.

Requirement 1: Prepare Budgeted Gross Profit showing cost of goods manufactured for 3 months ending March and total per quarter.