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ADM2341A Quiz 2 F2009 Sol - Quiz 2 Managerial Accounting...

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ADM2341A F2009 Quiz 2 Page 1 of 2 Quiz 2 Managerial Accounting Fall 2009 Grade /20 ADM2341A Professor Eden STUDENT NAME: ................................................................. STUDENT NUMBER: ............................................................... Instructions : Answer all questions in this booklet. Please limit your answer to the space provided. The use of standard abbreviations (O/H for Overhead and DM for direct material is quite acceptable.. Please do not ask the invigilators questions. Make reasonable assumptions where necessary. .Language dictionaries are allowed ............................................................................................................................................................ Q.1. ( 5 points) The PDQ Company makes collections on credit sales according to the following schedule: 25 % in month of sale 70 % in month following sale 4 % in second month following sale 1 % uncollectible The following sales have been budgeted: Month Sales April $100,000 May 120,000 June 110,000 What would be the cash collections in June? Cash Collections in June From sales in: April 4%*$100,000 $4,000 (2) May 70%*$120,000 84,000 (1) June 25%*$110,000 27,500 (1) Total $115,500 (1) Q.2 (5 points) The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price per gram 8.0 grams $19.00 per gram
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