PrecisionParts, a company that uses a process costing system for its automotive parts, has received a custom order from an aerospace company to produce and supply 5,500 parts. Can PrecisionParts use a job-order costing system for this custom order while maintaining its regular process costing system?

Requirement:

1. Describe the differences between process costing and job-order costing.
2. Analyze the potential benefits and challenges of using job-order costing for the custom order.