Questions:
1. In choosing a product costing system, what are the two choices available for a cost accumulation system? How do these systems differ?
2. In choosing a product costing system, what are the three valuation method alternatives? Explain how these methods differ.
3. In a job order costing system, what key documents support the cost accumulation process and what is the purpose of each?
4. In using standard costing in a job order costing system, are standards established for material and labor costs and quantities?