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Questions -
Q1. The Ohio company has the following historical pattern on its credit sales:
70% collected in the month of sale
15% collected in the first month after sale
10% collected in the second month after sale
4% collected in the third month after sale
1% uncollectible
The sales on open account have been budgeted for the last six months of 2013 are shown below:
July P60,000
August 70,000
September 80,000
October 90,000
November 100,000
December 85,000
What would be the estimated total cash collections during the fourth calendar quarter from sales made on open account during the fourth calendar quarter?
a. P172,500
b. P230,000
c. P251,400
d. P265,400
Q2. Texas company has prepared the following flexible budget for production costs: costs= 340,000 + 9x where x is the number of units produced. Texas produced 20, 000 units at a total cost of 490,000. What is the variance of actual costs from budgeted costs (i.e , budget variance)?
a. 150,000 favorable
b. 30,000 favorable
c. 30,000 unfavorable
d. 90,000 unfavorable
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