Discuss the two alternatives for product costing systems, Accounting Basics

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Discuss the two alternatives for product costing systems

Part 1

Discuss the two alternatives for product costing systems. Be sure to address the following:

How do the two systems differ?
What are the characteristics of the companies that would use each?
Describe the three valuation method alternatives.
Explain why Washburn Guitar uses job-order costing and the costs Washburn tracks.

Part 2

Regarding process costing, discuss the following:

How do the weighted-average and first-in, first-out methods of process costing differ in their treatment of beginning Work in Process Inventory units?
What is an "equivalent unit of production," and why is it a necessary concept to employ in a process costing system?
Explain why BP uses process costing.
Why does BP not use EUPs or maintain a Work in Process Inventory?

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Accounting Basics: Discuss the two alternatives for product costing systems

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Accounting Basics: Discuss the two alternatives for product costing systems

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