Product costing systems are methods used to manage inventories. Accounting systems primarily engage one of three costing systems at a time: job order costing, process-based costing, or activity-based costing.
Respond to the following in a minimum of 175 words:
- Briefly explain each of the three costing systems in accounting.
- Discuss the situations in which each system would be best employed by a business.
Reply to at least 2 of your classmates. Be constructive and professional in your responses.
1 response – 175 words
2 replies – 150 words EACH.