Job Order Costing vs Process Costing of Products in Accounting

The video tutorial explains two main costing methods: job order costing and process costing. Job order costing is used for large, unique, and customizable items, where costs are accumulated by jobs. Process costing is used for mass-produced identical items, where costs are accumulated by process. The video provides examples and details on how costs are allocated in each method.

Describe the flow of costs in process costing.

How does process costing differ from job order costing?