The R3G Corporation hasjust registered its business on December 20, 2020. Before the end of the year, you, as the General Manager of the company was instructed by the Board of Directors to present the budgets for the year 2021. The following are the relevant information you had gathered: 1. The Company would manufacture a single product during the year. 2. Based on the research and study made by the Sales personnel, the sales forecast for the year is at 5,000 units sold evenly throughout the year. The desired ending inventory of nished goods is 20% of the next quarter projected sales. 3. The Production Department's report on the manufacture of the product's prototype showed the following: a. The raw materials required for a unit of nished good is six (6) lbs while it takes three (3) direct labor hours to manufacture it. The safety stock for raw materials is at 20% of the required materials in the next quarter production. b. The variable manufacturing overhead costs which are based on direct labor hours are as follows: 1. Indirect materials at P20 per hour; 2. Indirect labor at P15 per hour; 3. Utilities at P3 per hour; and 4. Repairs and maintenance at P2 per hour. c. The xed manufacturing overhead consists of the following: 1. Factory manager's salaries P30,000 per month; 2. Factory rental P25,000 per month; 3. Depreciation of factory equipment P245,000 per year 4. Other xed factory costs P40,000 per year d. No work in process is expected at the end of each quarter. 4. The Purchasing clerk reported that based on the inquiry with prospective suppliers, the raw materials are priced at P40 per lb