there is no penalty for guessing, be certain to answer every question. If you show calculation and make simple arithmetic errors that can be identified, partial credit may be given. Following are 25 multiple choice questions worth 4 points each (circle correct answer). Since 1) The usual starting point for a master budget is: A) the direct materials purchase budget. B) the budgeted income statement. C) the sales forecast or sales budget. D) the production budget. 2) All of Gaylord Corporation's sales are on account, 35% percent of the sales on account are collected in the month of sale, 45% in the month following sale, and the remainder are collected in the second month following sale. The following are budgeted sales data for the company: January February $50,000 March $40,000 April $30,000 Total sales $60,000 What is the amount of cash that should be collected in March? A) $24,000 B) $37,000 C) $41,000 D) $51,000 3) Stut Corporation, a retailer, plans to sell 28,000 units of Product X during the month of August. If the company has 6,000 units on hand at the start of the month, and plans to have 9,000 units on hand at the end of the month, how many units of Product X must be purchased from the supplier during the month? A) 37,000 B) 25,000 C) 31,000 D) 28,000