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Process Cost System
In order to value finished goods inventories, a process cost accounting system assigns direct materials, direct labor, and factory overhead charges to specific processes, departments, or cost objects. In other words, this is a method of assigning direct materials, direct labor, and factory overhead expenses to specific processes, departments, or cost objects in order to value finished goods inventory.Process Accounting A process cost accounting system is a method of assigning direct materials, direct labor, and factory overhead expenses to specific processes, departments, or cost objects in order to value finished goods inventory. In other words, this is a method for allocating all conversion and prime expenses to a process in a methodical manner.
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