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5. Differentiate process costing from job order costing. 6. Describe the characteristics of FIFO method and Average method when used in process costing. 7. How

5. Differentiate process costing from job order costing.

6. Describe the characteristics of FIFO method and Average method when used in process costing.

7. How are beginning inventories accounted for using FIFO method and Average method?

8. Define backflush and its relationship to just-in-time system.

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