Elliana Inc. is preparing its Master Budget for 2022. Budget information are as follows: Sales Production Cost Operating Expenses 2022 First quarter P280,000 P192,000 P64,000 Second quarter 320,000 200,000 68,000 Third quarter 360,000 224,000 72,000 Fourth quarter 352,000 200,000 76,000 2023 First quarter 320,000 224,000 72,000 I The budgeted finished goods inventories are: 2021: March 31 P 56,000 June 30 52,000 September 30 60,000 December 31 48,000Elliana Inc. Balance Sheet December 31, 2021 Assets Equities Cash P 76,000 Income tax P 12,000 payable Accounts receivable, net 120,000 Inventory 44,000 Capital stock 640,000 Plant and equipment, net 580,000 Retained Earnings 168,000 Total assets P 820,000 Total equity P 820.000