10 May 2022
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Document Summary
Please identify 5 products the are manufactured using a process costing system. Process costing system is an accounting method used mainly in manufacturing companies that mass produce homogenous or similar products. It is ideal where the unit cost of production is similar and can be easily determined. Item costs are determined by tracking the costs at every stage of the production process and allocated through different departments. These costs are then added up to get the total process cost which is then divided by the number of items or units produced.
