Southern Industries uses a job order costing. The following information was drawn from the Company’s monthly accounting reports:
Job 1 Job 2 Job 3
Direct Materials $ 50 $ 60 $ 30
Direct Labor 20 30 10
Southern applies overhead at a rate of 100% of direct labor costs. By the end of the month, both Job 1 and Job 2 had been completed and sold. Job 3 was still in process. At month-end, what was the balance in the Work in Process inventory?
a. $260
b. $60
c. $40
d. $140

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan