5. Neatness and correct formatting of your answer script will be evaluated. Question 1: Short Answer Questions marks each) 24 Marks 1. Differentiate between job costing and process costing with your own examples. 2. Briefly explain with examples the varied products or outputs in a joint cost process? 3. What is a hybrid costing system? Explain with examples. 4. Write briefly about cost categories in the process costing systems with examples. 5. Briefly explain how equivalent units are calculated. 6. Give three reasons why joint cost need to be allocated to joint products. 7. Briefly write about the first in first out process costing method. 8. What are the methods for costing for byproducts? Explain with suitable examples