What is process costing ? | New Process Costing | Cost & Management | Chapter 4 | PART 1

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Process costing is a method of assigning costs to products in industries with continuous mass production of similar or identical units. Here's a breakdown of the key aspects:  

Core Concept

Averaging Costs: Instead of tracking costs for individual units, process costing averages the total production costs over all units produced during a specific period.  
Homogenous Products: It's most suitable for industries producing large quantities of identical items, like chemicals, food processing, or paper manufacturing.  
Sequential Processes: Production often involves multiple stages or departments. Costs are accumulated for each process, and then assigned to the units passing through.  
How it Works

Cost Accumulation: Track all direct materials, direct labor, and manufacturing overhead costs for each process or department.  
Output Measurement: Determine the number of units completed and transferred to the next process or finished goods inventory.  
Cost per Unit Calculation: Divide the total costs accumulated in each process by the number of units produced to arrive at the average cost per unit.  
Example

Imagine a factory producing bottled juice. The process might involve:

Extraction: Extracting juice from fruits.  
Mixing: Blending different juices and adding ingredients.
Bottling: Filling and sealing bottles.

 


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