Question:
1. Which of these products is likely to involve job order production?
(a) inexpensive watches,
(b) racing bikes,
(c) bottled soft drinks, or
(d) athletic socks.
2. What is the difference between a job and a job lot?
3. Which of these statements is correct?
(a) The collection of job cost sheets for unfinished jobs makes up a subsidiary ledger controlled by the Goods in Process Inventory account,
(b) Job cost sheets are financial statements provided to investors, or
(c) A separate job cost sheet is maintained in the general ledger for each job in process.