Week 3 Discussion Question 1 Job and Process Costing Complete Questions 7-8 and

Week 3 Discussion Question 1
Job and Process Costing
Complete Questions 7-8 and 8-4. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome. Respond to at least two of your classmates’ postings.
7-8
Why do most companies use normal or standard costing? After all, actual costing gives the actual cost, so the firm could just wait until it knows what the cost will be.
8-4
What is the distinction between equivalent units under the FIFO method and equivalent units under the weighted-average method?