Master Budget for 2022. Budget information are as follows:

		Sales	Production Cost	Operating Expenses
2022	First quarter	280,000	192,000	64,000
	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

The budgeted Finish goods inventories are:

2021	March 31	56,000
	June 30	52,000
	September 30	60,000
	December 31	48,000

• The company uses the JIT system on its purchase of materials. It buys materials on cash basis.
• Included in production cost each quarter is P 44,000 in depreciation. The operating expenses include depreciation of P 12,000 per quarter. All production costs and operating expenses, with the exemption of depreciation are to be paid during the quarter of incurrence.
• Collections on sales are planned at 60% during the quarter of sales, the balance during the quarter following the sale.
• Dividends of P 20,000 are to be paid in June and again in December if covered by sufficient profits. No dividends will be paid if the net profit is less than P 120,000. Income tax is equal to 32% of the quarter's income before tax and is paid in the following quarter.
• The company's balance sheet as of December 31,2021 is as follows:

Elliana 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