Explain how a basic product costing system is used

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Question 1: Using the Fundamentals of Product and Service Costing, explain how a basic product costing system is used to calculate product or service costs.

Question 2: Explain why some investors will choose to use the payback period while others prefer to use the NPV method. What are the pros and cons of each method?

Question 3: Explain three ways that a company might use managerial accounting information.View AnswerWhat is an audit, and why are audits performed?

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