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Read NowProcess costing method.There are five steps in the process costing method.First, analyze the cost-flow model of the relevant inventory account to determine how much inventory was there at the beginning of the period, how much was started during the period, how much as completed during the period, and how much is left as work-in-process at the end of the period.
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Read NowAbsorption costing is one of approach which is used for the purpose of valuation of inventory or calculation of the cost of the product in the company where all the expenses incurred by the company are taken into the consideration i.E., it includes all the direct and indirect expenses incurred by the company during the specific period.
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