1.What are the main differences between job, process, and activity-based costing?
2. How is manufacturing overhead calculated in each of the costing methods?
3. How are variances identified?
4 .According to Kimmel, P.D., Weygandt, J.J., & Kieso, D.E. (2016), A cost accounting system consists of accounts for the various manufacturing costs. Compare and contrast Job Order and Process Order cost systems and the flow of cost for each of these systems.
You are welcome to respond to the question and share your thoughts, or reply to your classmate’s post as it relates to this topic.
5. How might each of the costing methods be used in managerial decision-making?
6. Watch the “Author’s Corner: Costing Errors” video.
Consider the following as you watch:
- Why is it important that a manager understands how product cost is determined?
7. Watch the “Author’s Corner: Alternative Costing Methods” video.
Consider the following as you watch:
- What are the alternative costing methods?
8. Describe the scenario in which each costing method can best be used from “Author’s Corner: Alternative Costing Methods” video.