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METHOD OF COSTING - cs executive online

METHOD OF COSTING - cs executive online

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In CS Online coaching classes, Method of costing is very interesting topic of cost and management accounting which is explained below:

 METHOD OF COSTING 

  Job Costing: when costs are ascertained to a system of costing for specific jobs or orders which are not comparable with each other is known as job costing. Industries, where this method of costing is generally applied are printing press, automobile garage, repair shop, ship-building, house building, engine and machine construction, etc.

 Contract Costing: This method is applied where large scale contracts at different sites are carried out. A separate account is kept for each individual contract. The method is basically used by civil engineering contractors, constructional and mechanical engineering firms, builders, etc. In contracts, when it is agreed to pay an agreed sum or percentage to cover overheads and profit to the contractors, it will be termed as ‘cost plus costing’.

 Batch Costing: This method is also a type of job costing. A batch of similar products is regarded as one job and the cost of this complete batch is ascertained.  It is used to determine the unit cost of the articles produced. The cost per unit is calculated by dividing the cost of the batch by the number of units produced in a particular batch. The manufacturers of biscuits, garments, spare parts and components mainly use this method.

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