Process Costing

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The process costing generally involves the large bunch of units. Costs are collected and accumulated for each process at the end of specified accounting period and transferred to next process till the last process is completed. The records provide a clear vision of the units introduced in the process or received from the preceding process cost centre and also units passed to the next process. In process costing, cost allocation is quite simpler and perfect in terms to job costing. In process costing the cost of product is determined after each process stage. The unit cost is the average cost of the process for a given period. There would always be an opening and closing work in process stage at each accounting period.

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