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Determination of Economic Batch Quantity

2.8.4 Determination of Economic Batch Quantity The cost per unit decreases with the increase in the size of the batch on account of economies of large scale production. If the industry increases the size of the batch enormously, it might…

Advantages and disadvantages of Job Costing

2.7 Advantages and disadvantages of Job Costing 2.7.1 Advantages of Job Costing 1) Costs of jobs can be calculated in advance and this helps in quoting prices. 2) Different costs such as material, labour and overheads can be analyzed and…

Applications of Job costing

2.6 Applications Job costing is a method that enables an industry to pre-determine the cost, add the required profit and quote the selling price before manufacturing. Job costing is applicable in the following industries: 1) Machine…

Objectives of Job costing

2.5 Objectives 1) To calculate the cost and profit/loss in terms of every job or order and enable the management to take appropriate decisions based on the judgement of each job’s profitability. 2) To value the work-in-progress of each…

Features of Job costing

2.4 Features 1) Production is undertaken only against order. Therefore, there is neither production in anticipation of demand nor production for stock purposes. 2) Each job is different in terms of materials required, labour required,…

2.2 Prerequisites

2.2 Prerequisites The application of job costing needs a proper support system. The following are the requisites for the effective working of job costing system: 1) A well devised system of costing which defines cost centres, cost units…

Definition of Job Costing

Definition of Job Costing “Job Costing is that specific form of specific order costing which applies where work is undertaken according to customers’ specifications.” CIMA – London Job order costing is called – job costing, specific…