1. a. Differentiate between job order costing and process costing system with an 02 example for each. b. Volvo Corporation uses a job-order costing system. At the beginning of the year, 12 the company made the following estimates: Direct labor-hours required to support estimated production 140,000 Machine-hours required to support estimated production 70,000 Fixed manufacturing overhead cost 6 784.000 Variable manufacturing overhead cost per direct labor-hour t 2 Variable manufacturing overhead cost per machine-hour $ 4 During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials + 175 Direct labor cost + 225 Direct labor-hours 15 Machine-hours 5 Required: A. Assume that Volvo has historically used a plant-wide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: i. Compute the plant-wide predetermined overhead rate. ii. Compute the total manufacturing cost of Job 550. iii. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? B. Assume that Volvo's controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach: i. Compute the plant-wide predetermined overhead rate. ii. Compute the total manufacturing cost of Job 550. iii. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550