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What differences exist for a manufacturing organization betweenprocess costing and job order costing? What...

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Accounting

What differences exist for a manufacturing organization betweenprocess costing and job order costing? What similarities are therebetween the two methods? Are the two methods mutually exclusive?Please include examples of companies using one method or the other(or both).

Please explain the concept of equivalent units. Whydoes the process costing method use them? Why doesn't job ordercosting need to use them?

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1 A manufacturing organization uses both a process costing method and a job order costing method to determine the cost but for different scenarios Process costing is used in case of standard production runs where the cost is allocated to various processess and then    See Answer
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In: AccountingWhat differences exist for a manufacturing organization betweenprocess costing and job order costing? What similarities...What differences exist for a manufacturing organization betweenprocess costing and job order costing? What similarities are therebetween the two methods? Are the two methods mutually exclusive?Please include examples of companies using one method or the other(or both).Please explain the concept of equivalent units. Whydoes the process costing method use them? Why doesn't job ordercosting need to use them?

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