Costing Systems

Different industries require different costing frameworks to accurately track expenses:

Unit Costing: Used where single, uniform items are manufactured continuously (e.g., brick-making, mining).
Job Costing: Applied to unique, custom-order manufacturing jobs (e.g., ship-building, printing presses).
Batch Costing: Tracking costs for a group of identical products produced in batches (e.g., pharmaceuticals, bakery items).
Process Costing: Applied in industries where raw materials pass through continuous, distinct stages of processing (e.g., oil refining, chemical plants).
Operating Costing: Applied to businesses rendering services rather than goods (e.g., passenger transport, hospitality, hospitals).