Myra Company is retail sporting goods store that uses accrual accounting for its records. Facts regarding Myra's operations are as follows: Sales are budgeted at P220, 000 for December 19x9 and P200,000 for January 1970. Collections are expected to be 60 percent in the month of sale and 38 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Gross margin is 25 percent of sales. A total of 80 percent of the merchandise for resale is purchased in the month prior to the month of sale and 20 percent is purchased in the month of sale. Payment for merchandise is made in the month following the purchase. . Other expected monthly expenses to be paid in cash are P22, 600. Annual depreciation is P216, 000. Myra Company's Statement of Financial Position at the close of business on November 30, 19x9 is reproduced below. Myra Company Statement of Financial Position November 30, 19x9 Assets Cash .... P 22,000 Accounts receivable (net of P4, 000 allowance for uncollectible accounts). Inventory 76,000 132,000 Property, plant and equipment (net of P680,000 accumulated depreciation) .... 870,000 Liabilities and Stockholder's Equity Accounts payable. P 162,000 Common stock. Retained earnings. 800,000 138,000 The budgeted cash collections for December 19x9 are The pro forma income (loss) before income taxes for December 19x9 is The projected balance in accounts payable on December 31, 19x9 is The projected balance in inventory on December 31, 19x9 is