Hi Friends,
What is exactly the meaning of job and batch costing, give an example
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Costing
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Job Costing
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A costing technique where each job/project is different and is done as per the customer specification.
- When a job/project is received from the customer, the costs which are expected to be incurred on the job are estimated and the price is quoted to the customer.
- This costing technique is widely used in Printing Press, Heavy Machinery, Foundry, General Engineering works, Machine tools, Interior decoration, Repairs , Ship- building and other similar industries.
Batch Costing
- A costing technique where similar articles are manufactured in batches either for sale/for use within the undertaking.
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In the case of batch costing separate cost sheets are maintained for each batch of products by assigning a batch number.
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Cost per unit in a batch is ascertained by dividing the total cost of a batch by the number of units produced in that batch.
- This technique is widely used in Biscuit manufacturing industries, pharmaceutical or drug industries, readymade garment industries,pen industries, manufacturing electronic parts of T.V. radio set etc
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