Discussion: Costing Systems
Product costing systems are methods used to manage inventories. Accounting systems primarily engage one of three costing systems at a time: job order costing, process-based costing, or activity-based costing.
Respond to the following in a minimum of 150 words:
• Briefly explain each of the three costing systems in accounting.
• Discuss the situations in which each system would be best employed by a business.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.