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Connectta Lid manufactures furniture for computer work stations. Connectta uses a job costing system. The work in process inventory on 30 November...
1. Describe when it is appropriate for a company to use a job costing system.
2. Calculate the balance in Connectta's work in process inventory account as at 31 December.
3. Calculate the cost of the chairs in Connectta's finished goods inventory as at 31 December.
4. Actual manufacturing overhead incurred in December amounted to $252 000. Calculate Connectta's overapplied or underapplied overhead for the year.
5. Explain two alternative accounting treatments for overapplied or underapplied overhead balances when using job costing system.
6. Explain how activity-based costing could overcome the deficiencies inherent in the existing costing system.