Which ONE of the following is the BEST description of JOB ORDER COSTING?

1.A system in which period costs are systematically allocated to weekly budget reports

2.A system commonly used in the home construction industry in order to generate market-wide selling price information

3.A system commonly used in the oil exploration industry in order to generate world-wide oil and natural gas information

4.A system in which manufacturing costs are accumulated by separate product orders or batches