What are the fundamental themes underlying the design of a cost system? How is cost allocation used in cost management? How does a basic product costing system work? Explain in detail how overhead cost is allocated to products. Describe the two-stage allocation system for product costing. Detail the three basic types of product costing systems. Compare and contrast the terms Job and Job Shop. Explain how to assign costs in a job costs system. Determine how to account for overhead using predetermined rates. What ethical issues exist in job costing? Define the concept of equivalent units? What is the purpose of equivalent units? Discuss how to use the five-step process to assign costs to products. Discuss how to assign costs to products using the weighted-average costing method. Discuss how to assign costs to products using the first-in, first-out (FIFO costing method. Compare and contrast FIFO with weighted-average costing