costs are $420,000 and actual machine hours are 70,000. 16) What is the difference between the budgeted and the actual manufacturing overhead using job costing? A) s0.50 B) $1.20 C) $1.00 D) S0.20 17) Assigning direct costs to a cost object is called A) cost pooling C) cost assignment D) cost tracing B) cost allocation 18) With traditional costing systems, products manufactured in small batches and in small annual volumes may be because batch-related and product-sustaining costs are assigned using unit-related drivers. A) overcosted B) fairly costed C) ignored D) undercosted 19) It only makes sense to implement an ABC system when A) production process is labor-intensive B) a single product is produced in bulk C) it traces more costs as direct costs D) its benefits exceed its implementation costs A) It is prepared for shareholders B) It co-ordinates product design, production, and marketing decisions. C) It focuses on documenting past business actions of a firm. D) It is prepared based on SEC rules and FASB accounting principles. 21) aims to improve operations throughout the value chain and to deliver products and services that exceed customer expectations A) Cost and efficiency B) Total Quality Management C) Customer response time D) Innovation