Costing Systems

Product costing systems are methods used to manage inventories. Accounting systems primarily engage one of three costing systems at a time: job order costing, process-based costing, or activity-based costing. 

Respond to the following in a minimum of 150 words: 

• Briefly explain each of the three costing systems in accounting. 
• Discuss the situations in which each system would be best employed by a business.