Question: 1. List and explain the similarities and important differences between job-order andprocess costing.2. Describe how an operation costing system accumulates and assigns the costs ofdirect-material

1. List and explain the similarities and important differences between job-order andprocess costing.2. Describe how an operation costing system accumulates and assigns the costs ofdirect-material and conversion activity in a batch manufacturing process.3. What are the purposes of a period costing system?4. What are transferred in costs?2. DEFINE THE FOLLOWING KEY TERMS: (25 points)1. BATCH MANUFACTURING2. EQUIVALENT UNIT3. OPERATING COST4. PROCESS-COSTING SYSTEMS5. WEIGHTED ACVERAGE METHOD

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