PROBLEM 2 (2 items) Sanchez Company, a wholesaler, budgeted the following sales for the indicated months of 201A. Month Cash Sales Credit Sales June P3,000,000 P400,000 July 3,200,000 420,000 August 3,400,000 440,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventory at the beginning of each month are at 30% of that month's projected cost of goods sold, Required: Prepare a schedule of merchandise purchases for the months of June and July 2014 PROBLEM 3 (4 items) Novela, Inc. produces office supplies, including pencils. Pencils are bundled in packages; each package sells for P20. The sales budget for the first four (4) months of the year follows for this product: January February March April Rolls in units 200,000 240.000 220,000 200.000 Company policy requires that ending inventories for each month to be 10% of next month's sales. However, due to greater sales in December than anticipated, the ending inventory of pencils for that month is only 10.000 packages. Required: Prepare a production budget for the first quarter of the year. Show the number of units that should be produced each month and for the quarter in total