briefly explain each of the three costing systems in accounting

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Product costing systems are methods used to manage inventories. Accounting systems primarily engage one of three costing systems at a time: job order costing, process-based costing, or activity-based costing.

Respond to the following in a minimum of 175 words:

  • Briefly explain each of the three costing systems in accounting.
  • Discuss the situations in which each system would be best employed by a business.

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