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KEY TERMS

Job order costing is a system for allocating costs to groups of unique products made to customer specifications.

Process costing is a system for allocating costs to homogeneous units of a mass-produced product.

Hybrid-costing is a system that blends the characteristics of both the job order and process costing systems. Firms using this system typically produce large numbers of closely related products.

Activity-based costing (ABC) is a cost system that focuses on activities, determines their costs, and then uses appropriate cos...