Question: Please post new and different answers for these questions Lab 4 --Introduction to Job Order Costing Research and study and learn: 1 What is the


Lab 4 --Introduction to Job Order Costing Research and study and learn: 1 What is the purpose of costing systems? (B) explain the following terms and give an example of each Cost Object- . Traceable Costs - Not easily Traced Costs - 2. There are two type of Costing Systems. Explain. 1. Job Order Costing - (terms to know batches, produce to order) II. Process Costing System (terms to know produce to stock, continuous process & homogeneous units) 3. What is the difference in Normal vs Actual Costing Approaches? Which type is most commonly used in business? 4. Measuring Direct Material Costs- explain the following terms: Work order Materials requisition form Bill of Materials 5. What is the purpose of a Job Cost Sheet? What type of information is included in one
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