15. Toan Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month. In September the company completed job S80M that consisted of 23,000 units of one of the company's standard products. No other jobs were in process during the month. The job cost sheet for job S80M shows the following costs:

During the month, the actual manufacturing overhead cost incurred was $270,020 and 3,000 completed units from job S80M were sold. No other products were sold during the month. The unit product cost for job S80M is closest to:

$31.30

$43.00 $329.97 $329.67

16. An effective ERM program would include coverage of broad risk categories, including:

legal and regulatory risks risk of losses due to natural disasters risk of IT operations failures all of the above

1. Which of the following statements is correct concerning job-order costing?

Job-order costing would be appropriate for a textbook publisher. All the costs appearing on a job cost sheet are actual costs. Indirect materials are charged to a specific job. Job-order costing is mainly used in firms with homogeneous products such as oil refineries.

Question 2.2. Job-order costing is used in manufacturing companies and process costing is used in service companies.

True False

Question 3.3. A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than process costing.

True False

Question 4.4. Which of the following types of companies would typically use process costing rather than job-order costing?

A small appliance repair shop. A manufacturer of commercial passenger aircraft. A specialty equipment manufacturer. A breakfast cereal manufacturer.