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800 WORDS b) A process costing system is used as cost accumulation procedure that required for inventory valuation and profit measurement in those production industries.

800 WORDS
b) A process costing system is used as cost accumulation procedure that required for inventory valuation and profit measurement in those production industries. REQUIRED: i) Discuss when process costing system are appropriate and give examples; ii) Explain the term "equivalent units" and how to calculate; and iii) Compare the two methods used in computing the value of work in progress

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