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Short Answer Questions 1. Define process costing and deseribe the types of companies that use process costinyg. 2. How does a process cost system differ

Short Answer Questions 1. Define process costing and deseribe the types of companies that use process costinyg. 2. How does a process cost system differ from a job costing system? What is meant by the term equivalent units? Of what use is the computation of the numbers of equivalent units of production? 3

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