Discuss the below in 250 words each:
1: Product Cost
You were introduced to three types of costs associated with a manufactured product - direct materials, direct labor, and manufacturing overhead. Explain how these costs are associated with the manufactured product. Why are some of these costs allocated to the product through costing methods such as job order costing or process costing? As part of your response, please read the article First Solar preview: Manufacturing costs, project order book in the spotlight and provide a specific example of this company's manufacturing costs.
2: Job Order Costing vs. Process Costing
Explain the similarities and differences between job order costing and process costing. In your explanation, provide examples of when job order costing and process costing would be most appropriate.