Which of the following product costing systems is normally used to assign costs to goods that are mass produced?

Question

Quizplus · Accepted Answer

Process costing is typically used for mass-produced goods, where units are identical or very similar to each other. This method assigns costs based on the entire production process rather than specific jobs, making it a common choice for industries such as manufacturing or chemical processing. Fixed costing and LIFO costing are not product costing systems, and job costing is more appropriate for unique or customized products.

Which of the Following Product Costing Systems Is Normally Used