Chapter 20 ACC 272 Cost Accounting - involves product and service costs. Companies must determine the total cost and the unit cost of each product Companies use the product cost information for the following reasons; 1. 2. 3 What are the two basic types of cost accounting systems? 2. When a company use the "process cost system"? Example: Potato Chips Production 1. Harvest 2. Clean 3. Slice 4. Fry 5. Bag This process cost system is similar to products that are produced over a specified time period. When is that companies use Job order cost system? Can a company use both job order and process cost systems? give example? What are the two steps i the flow of costs for a manufacturer? 2