For which one of the following industry would you recommend a Process Costing system?
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Paper, petroleum, chemical, textile, lumber and food processing industries commonly use process costing. The weighted average method is the most common process costing system used in practice. This method includes a few basic steps when costing products.
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A process costing system is used by companies that produce similar or identical units of product in batches employing a consistent process. Examples of companies that use process costing include Chevron Corporation (petroleum products), the Wrigley Company (chewing gum), and Pittsburgh Paints (paint).
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