How are job costing and process costing systems the same?
Traditional Costing Method
Traditional costing is the allocation of factory overhead to products based on the volume of production resources consumed. Under this method, overhead is usually applied based on either the amount of direct labor hours consumed or machine hours used.
How are the unit costs computed in a process cost system?
Job costing accumulates costs by individual jobs. Process costing accumulates costs by process or department. Work in Process Inventory accounts. Job cost systems have one Work in Process Inventory account for each job.
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