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Prepare the master budget

Additional information: Required: a. All sales are on account. and collections from customers are 60% during the year of sale and 3096 one year following the year of sale, and the remaining 10% on the second year following the year of sale. Sales during 2019 amounted to P6560000. b. All purchases of raw materials are on account, and terms of purchase include a payment of 70% on the date of purchase, and the balance to be settled one year after. c. Accounts payable is assumed to be used for raw materials purchases only. d. Equipment costing P500,000 with accumulated depreciation of 9280.000 was sold at a gain of P30,000. New equipment costing P400300 will be purchased during the year. e. Diyidends amounting to P350300 will be paid during the year. Maturing loan with principal amount of P500000 and interest of P90.000 will be settled during the year. Interest expense on all loans will amountto P60,000 during the year. 1'. The accrued salaries account is assumed to be used for administrative salaries only. This account is expected to be reduced to 80% during the year. g. Income tax is ignored for budgeting purposes. Prepare the master budget for .0 Co. for the year ending December 31, 2020. The following information is available for the development of its Master Budget for 2020: Estimated sales Units 54,000 Price per unit P150 Finished goods inventory Beginning 18,000 units @ P100 Ending 24,000 units Work in process inventory None Raw materials Materials required per unit of finished product 1 and 1/2 units Beginning inventory 25,000 units Ending inventory 15,000 units Unit cost P16 Direct labor Labor hours required per unit of finished product 1.25 hours Direct labor rate/hour P48 Overhead is estimated as follows: Variable: Indirect materials P3.20 per unit produced Indirect labor P3.50 per unit produced Fixed: Salary 250,000 Maintenance 80,000 Utilities 58,000 Depreciation 170,000 Selling and Administrative expenses are budgeted as follows: Variable Selling costs: Sales commissions P8 per unit sold Other selling costs P2.50 per unit sold Fixed Selling costs: Sales salaries 350,000 Advertising 125,000 Administrative Costs (all fixed) Salaries 275,000 Utilities 45,000 Depreciation 150,000JJ Mfg. Co., which manufactures and sells product J, has the following Statement of Financial Position as at December 31, 2019: (in pesos) JJ Company Statement of Financial Position December 31, 2019 Assets Current Assets Cash 830,000 Accounts receivable 3,150,000 Inventories 1,840,000 Total Current Assets 5,820,000 Non-current Assets Property, plant and equipment 2,250,000 Less: Accumulated depreciation 750,000 Property, plant and equipment, net 1,500,000 Total Assets 7,320,000 Liabilities and Equity Current Liabilities Accounts payable 642,000 Accrued salaries 275,000 Interest payable 140,000 Total Current Liabilities 1,057,000 Non-current Liabilities Long-term loan 2,200,000 Total Liabilities 3,257,000 Shareholders' Equity Share capital 2,500,000 Retained earnings 1,563,000 Total Shareholders' Equity 4.063,000 Total Liabilities and Equity 7,320,000