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Why do most companies use normal or standard costing

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Reference no: EM131787178

Question -

a) Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.

b) What is the distinction between equivalent units under the FIFO method and the equivalent units under the weighted-average method?

Reference no: EM131787178

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