Equivalent units are notional complete units that represent incomplete units (work in progress inventory). For e.g., If 10 units are…
If you recall, the concept of process costing is that the production is continuous. The input (material, labour, and overheads)…
Definition Batch costing is a form of specific order costing in which the costs of separately identifiable units are determined.…
Businesses use different costing methods to value their products. In this article, we are going to highlight the similarities and…
In Process Costing, the processes often produce more than one type of product. The products produced in addition to the…
Definition – Abnormal gain If the actual loss is less than expected/normal loss or if the actual output is more…
Definition – Abnormal loss When the actual loss is more than the expected loss or when the actual output is…
Definition Process costing is a method applied in manufacturing industries where output is continuously produced. It is also called continuous…
Definition of job costing It is a form of specific order costing in which the cost of a single job…
Definition of costing system A costing system is a system for collecting information about costs of an organization’s products or…