Kindy answer the requirements and show your solution clearly.

2. Angel, Inc.. with P10,000,000 of par stock outstanding, plans to budget earnings of 6%, before income tax, on this stock: The marketing department budgets sales at P6,000,000. The budget director approves the sales budget and expenses s follows: Marketing 15% sales Administrative 5% of sales Financial 1% of sales Labor is expected to be 50% of the total manufacturing costs; materials issued for the budgeted production will cost P1,250,000; therefore any savings in manufacturing cost will have to be in factory overhead. Inventories are to be as follows: Finished goods Work in process Raw materials - Jan. 1 400,000 50,000 250,000 Dec. 31 -500,000 150,000 200,000 Required: a. Budgeted Income Statement. b. Budgeted Cost of Goods manufactured and Sold. c. Budgeted Purchases and Materials