Problem 2 (Total of 15 points) The following information is made available by the management of Blippi Company for the year 2023. Sales forecast: 80,000 units of its only product at P30 per unit The seasonal variations index based on prior years operation is as follows: A unit of product requires 3 units of raw materials which are purchased at P5 per unit. Inventories at the beginning and end of the year are as follows: Inventories are to be maintained at 20% of the succeeding quarter's estimated sales and production requirements. Purchases of raw materials are to be made to correspond with budgeted monthly production. Required: Create the following budget: 1. Anticipated Sales ( 5 points) 2. Statement of production required ( 5 points) 3. Statement of raw materials purchase requirements ( 5 points) Problem 2 (Total of 15 points) The following information is made available by the management of Blippi Company for the year 2023. Sales forecast: 80,000 units of its only product at P30 per unit The seasonal variations index based on prior years operation is as follows: A unit of product requires 3 units of raw materials which are purchased at P5 per unit. Inventories at the beginning and end of the year are as follows: Inventories are to be maintained at 20% of the succeeding quarter's estimated sales and production requirements. Purchases of raw materials are to be made to correspond with budgeted monthly production. Required: Create the following budget: 1. Anticipated Sales ( 5 points) 2. Statement of production required ( 5 points) 3. Statement of raw materials purchase requirements ( 5 points)