1) Cost for direct materials, direct labor and manufacturing overhead are assigned to each job.
2) A separate work in process inventory account is maintained for each process.
3) Unique or custom-made goods use a job costing system.
4) Both process and job costing assign costs to units as they proceed through the process.
5) Each manufacturing process will have a WIP inventory account.
6) In a job cost system, all costs flow to a particular job.
7) Prime costs include direct labor and direct materials.
8) 1-8Conversion costs are the sum of direct labor and manufacturing overhead.
9) Indirect labor would be a component of conversion costs.
10) In process costing, the costs flow from Work in Process Inventory, to Raw Materials Inventory, to Finished Goods Inventory