Reply to the following discussion posts using at least 175 words per reply. Be professional and constructive in your responses. Be sure to use FULL APA references and in-text citations.
1. Compare and contrast job-order and process costing systems.
How can events in a process costing system affect financial statements?
What are the distinguishing features between period and product costs and when would each type be used?
2. Process costing traces the costs to the process or parts of the process during a specified time period and divides the costs by units produced to get unit costs. However, when computing output in terms of units, a distinction must be made between equivalent units and physical units. What is the difference between the two and why is the distinction important?
