Costing Systems

I’m studying for my Business class and need an explanation.

Product costing systems are methods used to manage inventories. Accounting systems primarily engage one of three costing systems at a time: job order costing, process-based costing, or activity-based costing.

Respond to one or more of the following in a minimum of 175 words:

  • Briefly explain each of the three costing systems in accounting. Discuss the situations in which each system would be best employed by a business.
  • Distinguish between under- and over- applied manufacturing overhead.
  • Distinguish between direct and indirect materials.

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