For each of the following statements,indicate whether the statement applies to Job Order Costing Systems (JO)or Process Costing Systems (PC).
Definitions:
Labor and Overhead
The combination of direct labor costs and overhead costs incurred in the production process.
Conversion Costs
Refers to the combination of direct labor and manufacturing overhead costs incurred to convert raw materials into finished products.
Weighted-Average Method
An inventory costing method that assigns a cost to inventory on the basis of the average cost of all similar items in the inventory.
Molding Department
A specialized division within a manufacturing facility where the shaping and forming of products through molding processes take place.
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