Problem 1: Multiple-Choice Questions (24 points) Instructions: Circle the letter of the one best answer to each question 1. Which management function is the process of keeping the company's activities on track? A. planning B. directing C. controlling D. decision making E. none of the above 2. Which one of the following statements (A - D) is true? A. Job or der costing is used when a company manufactures a large volume of similar products. B. A manufacturer of ice skating rinks would use process costing. C. A job order cost system generally uses multiple work-in-process accounts. D. Both job order and process costing track the same three manufacturing cost elements. None of the above is true. E. 3. A job cost sheet A. is used in job order and process costing. B. summarizes all manufacturing costs incurred by a firm during a month. C. keeps track of only the direct materials and direct labor costs of a specific job. D. is used to determine the total cost of a job to be transferred to finished goods inventory E. more than one of the above Gavin Company applies overhead costs based on direct labor hours. For 2016, overhead was budgeted at $250,000, and direct labor hours were estimated to total 100,000. Actual overhead incurred in 2016 was $260,000, and actual direct labor hours were 106,000. For 2016, overhead was 4. A. $15,000 under-applied B. $10,000 under-applied C. 5,000 over-applied D. $15,000 over-applied E. none of the above