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1. Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of Goods Sold. Discuss in detail the importance of these

1. Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of Goods Sold. Discuss in detail the importance of these two calculations.

2. Compare and contrast a job order costing system and a process costing system. Give examples of situations in which it would be appropriate to use each system as well as explain why?

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