Problem 4 (Sales, Production and Materials Purchases Budget) The following information is made available to you by the management of Nikko Manufacturing Company for the year 20X3: 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: 80 3rd quarter 110 100 4th quarter 110 Ist quarter 2nd quarter A unit of product requires 3 units of raw materials which are purchased at P5.00 per unit. Inventories at the beginning and end of the year are: Beginning End Finished goods 3,000 units 5,000 units Raw materials 12,500 units 15,000 units which 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: 1) Budget of anticipated sales 2) Statement of production required 3) Statement of raw materials purchase requirements