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Industry differ in their nature , the product they produced and they offered service . In this situation , we noticed different method of costing . the method to ascertainment of cost depend on the nature of Industry .
Job costing and process costing are the basic method of costing . Job costing is suitable for manufacturing Industry . process costing is suitable where production is continuous
Unit costing calculated on the basis of units produced
Contract Costing –Unit cost in a contract for long period of time ,
Service costing – this method of costing applicable relates to different service Industry
Composite Costing –This method applicable where number of components are manufactured separately and then assembled in a final product
Batch Costing – Batch wise ascertainment of cost
Under manufacturing unit – costs are accumulated and assigned to product on the basis of – a) Specific order costing b) Operating costing
Operating costing system applicable where undertakings which render service as against manufacturing and supply of products
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