Three separate questions, 3-5 Sentences required for responses.
1.How is job costing in service organizations (for example, consulting firms) different from job costing in manufacturing organizations?
2. If costs increase from one period to another, will costs that are transferred out of one department under FIFO costing be higher or lower than costs transferred out using weighted-average costing? Why?
3. What are the costs of a product using normal costing?
4. What are the costs of moving to an activity-based cost system? What are the benefits?
5. What type of organization is most likely to benefit from using activity-based costing for product costing? Why?