Review of costing.docx
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Review of costing
Job-order costing: a costing system used in situation where many different products, jobs, or services
are produced each period.
- Actual costing
- Normal costing
- Standard costing
- Weighted-average method
- FIFO: a method of accounting for cost flows in a process costing system in which equivalent
units and unit cost relate only to work done during the current period.
Keeping production & costs of beginning WIP separate from those of current period.
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