Under what conditions would a company use a process costing system? In what ways are job-order and process costing similar? Assume that a company has two processing departments - Mixing followed by Firing. Explain what costs might be added to the Firing Department's Work in Process account during a period. What is meant by the term 'equivalent units of production' when the weight-average method is used? (provide an example) What is meant by a product's contribution margin ratio? (provide an example) How is this ratio useful in planning business operations? What is meant by the term "break-even point'? What is meant by the term 'margin of safety'? Are selling and administrative expenses treated as product costs or as period costs under variable costing? (Provide an answer for both variable and fixed selling and administrative expenses and include an example of each). Explain how fixed manufacturing overhead costs are shifted from one period to another period under absorption costing. What is a segment of an organization? Give two examples