Question: 1. Describe the differences between process costing and job 5.4 costing. 2. Distinguish between normal and abnormal losses and explain. 3. Provide examples of industries

1. Describe the differences between process costing and job 5.4 costing. 2. Distinguish between normal and abnormal losses and explain. 3. Provide examples of industries that use process costing. 4. Why is cost accumulation easier with a process costing system compared with a job costing system?

5. What are equivalent units? Why are they needed with a process costing system?

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