May, Inc. prepared the following master budget items for the month of November: Production and sales (units) 30,000 Variable manufacturing costs Direct materials P75,000 Direct labor 60,000 Variable manufacturing OH 45,000 Fixed manufacturing OH 120,000 Total manufacturing costs P300,000 Requirement: During November, May actually produced and sold 32,000 units.

Prepare a flexible budget for May based on actual sales.