Items #12 - #25: Nes Lee, controller for Mactan Retailers, has assembled the following data to assist in the preparation of a cash budget for the third quarter of 2021: . Sales - May - P100,000; June - P120,000; July - P90,000; August - P100,000; September - P135,000; October - P1 10,000. Each month, 30% of sales are for cash and 70% are on credit. The collection pattern for credit sales is 20% in the month of sale, 50% in the following month, and 30% in the second month following the sale. Each month, the ending inventory exactly equals 50% of the cost of next month's sales. The markup on goods is 25% of cost. Inventory purchases are paid for in the month following the purchase. . Monthly expenses are as follows: Salaries and wages - P10,000; Depreciation - P4,000; Utilities - P1,000; Other - P1, 700. Property taxes of P15,000 are due and payable on July 15,2021. . Advertising fees of P6,000 must be paid on August 20,2021. . A lease on a new storage facility is scheduled to begin on September 2, 2021. Monthly payments are P5,000. . The company has a policy to maintain a minimum cash balance of P10,000. If necessary, it will borrow to meet its short term needs. All borrowing is done at the end of the month. All payments on principal and interest are made at the end of month. The annual interest rate is 9%. The company must borrow in multiples P1,000.. The balance sheet as of June 30, 2021 is as follows: Cash P13,550 Accounts Receivable 88,200 Inventory 36,000 Plant and Equipment, net 425,000 Accounts Payable P84,000 Ordinary Share Capital 210,000 Retained Earnings 268,750 12. How much is the total sales for the 3"d quarter a. P445,000 b. P325,000 c. P310,000d. P435,000 13. How much is the total cash collection for the month of July? a. P19,600 b. P12,600 c. P102,600d. P127,800 14. How much is the total cash collection for the month of August? a. P45,500 b. P75,500 c. P100,700d. P65,000 15. How much is the cost of goods sold for the 3"d quarter a. P356,000 b. P260,000 c. P248,000 d. P348,000 16. What is the budgeted purchases for the 3"d quarter? a. P268,000 b. P130,000 c. P174,000 d. P250,000 17. What is the total cash disbursements for inventory in the 3"d quarter? a. P254,000 b. P352,000 c. P268,000 d. P250,000 18. What is the net income for the 3"d quarter? a. P22,300 b. P(11, 145) c. P(11,100) d. P22,255 19. What is the ending cash balance of July? a. P10,000 b. P37,650 c. P10,550d. P10,450 20. What is the ending cash balance of August? a. P16,000 b. P6,000 c. P37,605d. P10,405 21. What is the ending cash balance of September? a. P12,005 b. P17,600 c. P39,205d. P7,600 22. How much is the Accounts Receivable at the end of the 3" quarter? a. P96,600 b. P.138,000 c. P75,600d. P21,000 23. How much is the Inventory at the end of the 3" quarter? . P76,000 b. P94,000 c. P44,000d. P54,00024. How much the property plant and equipment at the end of the 3" quarter? a. P425,000 b. P421,000 c. P413,000 d. P428,000 25. How much is the Retained Earnings at the end of the 3" quarter? a. P291,050 b. P257,605 c. P257,650 d. P291,005