Question: Product costing systems are used to accumulate track and assign

Product costing systems are used to accumulate, track, and assign costs to products.
Complete the following partial statements describing various issues related to product costing systems.
a. __________ is a hybrid of job and process costing methods.
b. Process costing accumulates and tracks costs for each __________ as products pass through each process.
c. Costs of homogeneous products are most appropriately developed with __________.
d. __________ is a commonly used costing method especially within the automotive industry.
e. Job cost reports are used to record __________, __________, and __________ in a job costing system.
f. Two methods used to calculate equivalent units of production are __________ and __________.
g. __________ accumulates, tracks, and assigns costs for each job.

Complete each of the above partial descriptive statements by inserting one of the following words or phrases: process; job costing; operations costing; process costing; direct material; weighted average; direct labor; first-in, first-out (FIFO); overhead. Only one of the preceding words or phrases correctly completes each statement. Words may be used more than once.

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