47. Manufacturing overhead is A) A product cost B) An indirect cost C) A manufacturing cost. D) All three of the above. 48. Conway Company uses a job order cost system and has established a predetermined overhead application rate for the current year of 150% of direct labor cost, based on budgeted overhead of $750,000 and budgeted direct labor cost of $500,000. Job no. 1 was charged with direct materials of $24,000 and with overhead of $18,000. The total cost of job no. 1: A) Is $42,000. B) Is $54,000. C) Is $78,000 D) Cannot be determined without additional information. 49, Gene's Metal Shop uses a job order cost system. It applies overhead to jobs at a rate of 1 50% of direct labor costs. Job No. 2617 required $600 in direct labor costs. The job was initially budgeted to require $650 in direct labor costs. Overhead applied to Job No. 2617 during the period amounted to A) $650. B) $900 C) $975 D) Some other amount. 50. The basic types of cost accounting systems are: ) Job order cost systems, activity based cost systems, and process cost systems. B) Direct cost systems and indirect cost systems C) Completed job cost systems and work in process cost systems. D) Fixed cost systems and variable cost systems. 51. Which of the following represents the correct formula for calculating cost of goods manufactured? A. Direct materials used + direct labor + factory overhead+ beginning goods in process + ending B. Direct materials used+ direct labor + factory overhead+ beginning goods in process - ending direct labor + factory overhead + beginning goods in process + ending goods in process goods in process. C. Direct materials used + direct labor + factory overhead - beginning goods in process + ending goods in process D. Direct materials used+ direct labor + factory overhead - beginning goods in process - ending goods in process