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The following is a continuous exercise on the presentation of the 2022 Master Budget for Paul David Corporation: A. At the unit sales price of P 50, the budgeted sales volume for 2022 and for the First quarter of 2023 2022 2023 First quarter 4.000 units 5,000 Second quarter 5.000 6,000 Third quarter 6,000 Fourth quarter 9,000 The company has estimated 800 units of Finished Goods in stock as of January 1, 2022 costing P 22 each. Stock level is maintained at 25 % of the estimated sales volume for the succeeding quarter. B. The standard prime cost of the product of Paul David Corporation consist of: Raw material 5 lbs @ P4 P 20 Direct labor 4 hours @ P 3 12 P 32 Factory Overhead and Selling expenses for one year have been budgeted as follows" Factory Overhead Selling Expenses 20,000 units P 58.000 P 32,000 30,000 78,000 42,000 General and Administrative expenses are estimated to be at P 30,000 per annum. As of January 1, 2022, the company had 3,000 lbs of raw materials costing P 4 per pound. The stock level is maintained at 10 % of production requirement of the succeeding quarter. Inventories of Work in process and Factory Supplies are more or less constant at P 5,000 and P 2,000 respectively, REQUIRED: Prepare 1. Sales Budget 2. Production Budget 3. Direct Materials Used Budget 4. Direct Materials Purchases budget 5. Direct labor Cost Budget