Answer the four accounting question

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Chapter 4 introduces job order costing which looks at one of the ways that manufacturing companies will assign costs to jobs (otherwise known as job costing).

1. Identify two types of businesses that would use job order costing.

2. What is the primary difference between direct materials and indirect materials? Provide an example of what would be considered an “indirect material.”

3. A job was started on May 15, completed on June 27, and delivered to the customer on July 6. In which account would the costs be recorded on the financial statements dated May 31, June 30, and July 31?

4. Actual manufacturing overhead costs total $250,000, estimated manufacturing costs total $240,000, actual direct labor hours are 10,000, and estimated direct labor hours are 12,000. The company applies overhead based on direct labor hours. Based on the information provided for the period, what is the balance in manufacturing overhead and is it overallocated or underallocated?

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