explain the strategic role of managerial accountants in designing and implementing an effective cost system.

Be sure your presentation includes the following:

1.Discussion of the basic characteristics of both job order and the process costing system.

2.Explanation of the cost flow among the job order costing system accounts (work in process, finished goods inventory, cost of goods sold, and manufacturing overhead).

3.Discussion on the methodologies used to determine the predetermined overhead application rate.

4.Explanation of the accounting treatment for the over or under applied overhead.

5.Explanation of the concept of equivalent units used in the process costing system.

6.Discussion on the main differences between the first-in-first-out method and the weighted average method. Explain the factors and conditions to be considered in order to determine which method to be used.

7.Your suggestion to improve the efficiency and effectiveness of the cost flow and the cost measurements under both cost systems.