Veerus Company produces and sells a single product with standard costs for 2019 as follows:

Standard Input

Cost per Input

Cost per Unit

Direct Materials

2 kgs.

P4.00

P8.00

Direct Labor

3 Hours

P6.00

P18.00

Variable Mfg. Overhead

3 Hours

P9.00

P27.00

Fixed Mfg. Overhead

3 Hours

P10.00

P30.00

Total Unit Cost

P83.00

Overhead rate are based on 2,000 units per month or 6,000 standard Direct Labor hours (this is the master budget denominator activity level).Overhead is applied on the basis of Direct Labor hours.

Desired ending inventories of materials and Finished Goods are based on 5% of next period needs.Unit sales are budgeted as follows:

Jan. Feb. Mar. April May

20002000210019001800

The Budgeted Sales Price is P160 per unit.All Sales are budgeted as Credit Sales.Past experience indicates that 80% are collected during the month of Sale, 18% are collected in the following month, and 2% are uncollectible. 1% cash discount is allowed to customers who pay within the month the sale takes place.

8.The Budgeted Cash Collection for March 2019 is ________________________

9.In the Production Budget, the required production in Units for March 2019 is _______________

10. The Direct Material quantity needed for production for March 2019 is _________________________

11.The Direct Labor hours needed for production for March 2019 is _________________

12.The Budgeted Direct Labor cost for March 2019 is ____________

13.The Budgeted Manufacturing Overhead Cost for March 2019 is __________________

14.The Budgeted Cost of Goods Sold for March 2019 is ___________________

(Assuming that there is no change in Ending Work in Process from month to month, therefore Cost of Goods manufactured is equal to Total Manufacturing Cost)

15.Assuming that Selling and Administrative Expenses are P54,992 exclusive of Bad Debts, the Budgeted Income Statement for March 2019 will show a net income of _______________________