In January of 2021, the president of ABC Company asked his accountant to prepare their annual budget given the following assumptions: 1. Expected sales in units are the following: > lst quarter 480 > 2nd quarter 560 > 3rd quarter 710 > 4th quarter 840 2. The selling price is P75. 3. 70% of the current quarter's sales is collected in the quarter when the sales took place. The remaining 30% is collected in the next quarter 4. The desired ending inventory is 30% of the previous period's planned sales. The planned sales for the fourth quarter of the previous year is 400. 5. The beginning inventory of 110 in quarter 1 was carried over from the previous year. 6. Every unit produced requires 2 units of material. 7. The desired ending inventory of materials is 20% of the material needs for production for the previous quarter. 8. Material needs for production in the fourth quarter of the previous year is 950. 9. The ending inventory in the fourth quarter of the previous year is 150. 10. The unit price of the material is P3. 11. The account amounting to P 1000 from the previous year was paid in the rst quarter of the current year. 12. 60% of a quarter's purchase are paid in the quarter and the balance paid in the next quarter. 13. Every unit produced requires 2 hours to make 14. The direct labor cost per hour is P 2. 15. The variable overhead rate is at P15 per direct labor hour 16. The xed overhead budget is P 2200 per quarter 17. Depreciation is at P 1300 per quarter 18. The variable selling and administrative expense is P2 per unit sold. 19. Advertising expense is 750 every quarter, Insurance expense is 800 every quarter, Salaries expense is P5,000 every quarter, Rental expense is P300 every quarter and Tax expense is P150 every quarter 20. The cash balance as of the previous year is P 19,000. 21. The P 3,500 income tax from the previous year was paid in the rst quarter of the current year Find the following: Sales budget and schedule of expected cash collection (lOpts) Production budget (5pts) Direct materials budget and schedule of expected cash payment (1 Opts) Direct labor budget (5pts) Factory overhead budget (lOpts) Ending Inventory budget (lOpts) Selling and administrative expenses budget (lOpts) Cash budget (10pts) Budgeted Statement of Comprehensive Income (15pts) Budgeted Statement of Financial Position (1 Spts)