Questions from Managerial Accounting

Q: John Bourcier operates a small machine shop. He manufactures one standard

John Bourcier operates a small machine shop. He manufactures one standard product that is also available from many other similar businesses, and he also manufactures deluxe products to order. His acco...

Q: Newton Cellular Ltd. manufactures and sells the TopLine cellphone. For

Newton Cellular Ltd. manufactures and sells the TopLine cellphone. For its 2020 business plan, Newton Cellular estimated the following: Determine the contribution margin, break-even point, and target...

Q: The consulting firm CMA Financial employs 40 full-time staff.

The consulting firm CMA Financial employs 40 full-time staff. The estimated compensation per employee is $105,000 for 1,750 hours. It charges all direct labour costs to clients. It includes any other...

Q: Bertrand Manufacturing uses a job-order cost system and applies overhead

Bertrand Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2020, Job No. 50 was the only job in process. The costs incurr...

Q: For the year ended December 31, 2020, the job cost

For the year ended December 31, 2020, the job cost sheets of DeVoe Company contained the following data: Prepare entries in a job-order cost system and a partial income statement. Other data: 1. Raw...

Q: Enos Inc. is a construction company specializing in custom patios.

Enos Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fibreglass, and lumber, depending on customer preference. On June 1, 2020, the general...

Q: In January, Reyes Tool & Die requisitions raw materials for production

In January, Reyes Tool & Die requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $800. Prepare a summary journal entry to record raw mat...

Q: Nicole Limited is a company that produces machinery to customer orders,

Nicole Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead...

Q: On November 30, 2020, there was a fire in the

On November 30, 2020, there was a fire in the factory of Able Manufacturing Limited, where you work as the controller. The work in process inventory was completely destroyed, but both the materials an...

Q: Agassi Company uses a job-order cost system in each of

Agassi Company uses a job-order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department D, direct labour...