5-I What are the major purposes of a product costing system? 5-2 Describe the basic difference between job order costing and process 5-3 What types of firms would use job order cost systems? 5-4 Discuss the purpose of the job cost sheet in a job order costing system. 5-5 What is a predetermined overhead rate and how is it computed? 5-6 Explain why firms use predetermined overhead rates rather than actual overhead costs d process costing. rates rather than actual overhead costs in charging overhead to production. 5-7 Distinguish between actual job order costing and normal job order costing. 5-8 Explain underapplied overhead and overapplied overhead