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PROBLEM 2 Sanchez Company, a wholesaler, budgeted the following sales for the indicated months of 201A. Month Cash Sales Credit Sales June P3,000,000 400,000 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 201A. 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. PROBLEM 4 Villegas Company produces various labels, including iron-on name labels, which are sold to parents of camp- bound children. The camps require campers to have their name on every article of clothing. Each roll consists of 10 yards of paper strip with 500 copies of the child's name. Each yard of paper strips costs P2.00. Manning has budgeted production of the label rolls for the next four (4) months as follows: March April May June Rolls in units 12,000 18,000 30,000 20,000 Inventory policy requires that sufficient paper strip be in ending inventory to satisfy 25% of the following month's production needs. The inventory of paper strip at the beginning of March equals exactly the amount needed to satisfy the inventory policy. Required: a. Prepare a direct material purchases budget for March, April, and May showing purchases in units and in pesos for each month and in total. b. Each roll of labels produced requires on average 0.25 direct labor hour. The average cost of direct labor is P20 per hour. Prepare a direct labor budget for March, April and May showing the hours needed and the direct labor and the direct labor cost for each month and in total