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PROCESS, , COSTING, , , , , , , , MEANING, , , , It refers to viewing all the costs of, production as incidental to the various, process involved., , , , , Activity Based Costing : Focuses on, allocation of indirect overheads costs of, process., , Weighted Average : Here total costs of a, , ptocess are directly apportioned over the total, , units produced., , FIFO: Here incomplete units are finished, before the new units added to the process., , , , CONCEPT, , = Direct Costs : Costs directly attributable to, physical product., , = Conversion Costs : Manufacturing, overheads necessary to convert raw material, to finished goods., , ADVANTAG!, , , , , , > | Flexibility & Ease of Operations, , , , , , > | Standardization, , , , , , , , , , > | Managerial Costing