1. Part (a) : Distinguish between the two types of cost accounting systems. Part (b) : May...

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Question:

1.Part (a): Distinguish between the two types of cost accounting systems.

Part (b): May a company use both types of cost accounting systems?

Part (c): What type of industry is likely to use a job order cost system? Give some examples and what type of industry is likely to use a process cost system? Give some examples.

2.Using your own examples, work experience, or observations you might have, please discuss how job order cost information is used in decision-making. What are some possible reasons that actual cost of materials would exceed expected costs for a job? again, please share with your examples.

3.Discussion posting instruction: please explain your own rationale of your answer choice (out of the 5 option choices at below), in other words, why did you choose your option choice and plus please explain why then, you did not choose the other 4 options as your choice. Please state your own rationale of not choosing each of those 4 options as "incorrect" to the question.

Here is the one multiple-choice question:

When using the weighted-average method of process costing, total equivalent units produced for a given period equal:

1. The number of units started and completed during the period plus the number of units in beginning work in process plus the number of units in ending work in process.
2. The number of units in beginning work in process plus the number of units started during the period plus the number of units remaining in ending work in process times the percentage of work necessary to complete the items.
3. The number of units in beginning work in process times the percentage of work necessary to complete the items plus the number of units started and completed during the period plus the number of units started this period and remaining in ending work in process times the percentage of work necessary to complete the items.
4. The number of units transferred out during the period plus the number of units remaining in ending work in process times the percentage of work necessary to complete the items.
5. None of these.