From the second e-activity, assess the benefits of standard cost in a process cost system.

•From the second e-activity, assess the benefits of standard cost in a process cost system.•As a CFO of growing medium-sized company using a process cost system, assess the most important reasons for improving your current standard cost reporting system.•Evaluate the potential impact an upgrade can have on cost identification during the various stages of production

Answer 1.The cost object in a job order system is the specific job; the cost object in a process costingsystem is the process. Total costs associated with each process are then divided by the...