The estimated purchases of raw materials would be? Format: 111,111 NUBD Co. has the following budget estimates for its second year of operations: Projected sales - P3,500,000 Projected net income before tax - 12% of sales Estimated selling and administrative expenses - 25% of sales Direct labor and factory overhead are budgeted at 70% of the total manufacturing cost. Inventories are estimated as follows: Raw materials Beginning Ending P220,000 270,000 Goods in process P250,000 300,000 Finished goods P350,000 420,000