The procedure for costing applicable to processes or departments will very in details according to the requirements of production methods. The various situations and problems envisaged and the methods of calculation of costs in respect of each of the situations have been discussed under the following heads:
- Single process production
- More than one process involved; output of one process transferred in full to the subsequent process.
- Output of a process partly transferred to the next process and partly retained in stock.
- Process consisting of opening and closing stock, fully completed.
- Normal and abnormal losses occurring in process but there is no closing stock or the closing stock is fully complete.
- Process consisting of partially completed closing stock.
- Normal loss or abnormal loss involved-closing stock partially complete.
- Process consisting of partially completed opening stock.
- Normal and/or abnormal losses and both opening and closing work-in-processes.
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