Question 2 a) Compare and contrast the traditional costing systems with the contemporary costing system of ABC. In your view, are the traditional costing systems still relevant in 21 century organisations? b) Job order cost sheets show the following costs assigned to each job: The company assigns overhead at $1.40 for each direct labor dollar spent. Jobs X7 and X9 were completed, and Job X8 remains in production. The actual overhead cost for the year was $295000. The direct labor cost for the year was $220000. Required: i) What is the total cost for each of the jobs? ii) What is the balance in work in process? iii) What is the balance in the finished goods inventory? iv) Calculate the amount of over or underapplied overhead