I. Overhead can be applied slowly as a job is worked on.
II. Overhead can be applied when the job is completed.
III. Overhead should be applied to any job not completed at year-end in order to properly value the work in process inventory.
A) Statements I, Il, and Ill are all true
B) Only statement II is true
C) Both statements I and Il are true
D) Only statement I is true

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be: