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 1 post 175 words and 2 posts 75 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.