Process costing in a nutshell
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Video Overview
A manufacturing entity is one that makes its own inventory instead of buying it from a supplier. One of the most important functions of the management accountant is to determine the cost of production of the goods produced by a manufacturing entity. The production costs determine the price at which the goods need to be sold in order to earn the correct gross margin. It is very important that the correct costing system is chosen to determine production costs. Various costing systems include job costing, process costing and job costing. The costing system chosen depends on the nature of the product produced. In this tutorial we will discuss process costing in a nutshell.
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