Explanation & Answer
Running Head: COST ACCOUNTING
In Accounting, product costing is a framework that firms use to estimate the cost of their
product for inventory valuation, cost control, and most important profitability analysis. There is
three costing system; job order, process, and activity based product costing system. The systems
can be used selectively or in combination to suit different styles of company’s costs. For the
purpose of our discussion, this paper will summarize the main difference between job, process and
activity bases costing system (Cagwin, & Bou...