Process Costing

3 types of costing systems:

1. Process costing
a. Homogenous units which are repeatedly made in a similar manner
b. Costs allocated can be averaged out without a large degree of
standard deviation between units
2. Job Costing
a. Heterogenous units which are made in large different ways and have
varying costs of production
3. Batch Costing
a. A combination between Job and Process costing where similar units
are made where the input costs of two or more products differ