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  Process Costing

Introduction Process Costing

In one of the earlier discussion we have explained some of the techniques of costing such as Job, Batch, and Contract costing. The techniques of costing generally aim at finding out the cost of a product or service that is offered through the organization. Process Costing is also a technique of costing that is used in those industries in which the production is in constant process that is the output of one process turns into the input of the following process and so on. Instances of such industries are, paint works, food manufacturing, chemical plants, oil refining, dairy, paper mill, textile mills, sugar factories, fruit canning and so on. In such type of industries, the input is put in the first process and the output of each process becomes the input of the subsequent process till the final product comes out from the last process. This technique is used in which it is not possible to trace the items of prime cost [that contain all direct costs] to a particular order since its identity is lost in the continuous production. So it is not probable to calculate the cost of say, 200 litters of oil or 200 kg of sugar generated like thousands of liters of oil or thousands of kg of sugar is manufactured at the similar time. We can acquire the cost per liter or kg by dividing the total cost from the total production produced throughout that period.

In business where a product passes via various stages of production, each different and well defined, process costing is used. A separate account for every process is opened and all expenditure pertaining to a process is charged to that process account. So, the cost of the product at every stage of manufacture is found out. In process costing the completed product of a preceding process turns into the raw material of the next process.

The system of process costing is appropriate for industries including continuous production of similar product or products via the same process or set of processes. It is in assist in plant medicines, producing paper, rubber products, and chemical products. It is also so much ordinary in flour mill, breweries, bottling companies, canning plants etc.

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