Question: Explain the difference between product costing and service costing. When is depreciation a product cost? When is depreciation a period cost? What are the three

  1. Explain the difference between product costing and service costing.
  2. When is depreciation a product cost? When is depreciation a period cost?
  3. What are the three major product cost elements?
  4. How are predetermined overhead rates developed? Why are they widely used?
  5. Briefly explain the difference between process manufacturing and job order production. Provide examples of products typically produced under each system.

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