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Characteristics of the Job Costing and Process Costing:
Job costing and process costing both are the two main type of the costing system in which costs are assigned to the products or services for the accounting purpose by the management. They are various variation in the sense that job costing is used by the company which is having single unit product which includes particular type of order or sale which is limited time whereas process costing is used by the entities when the entity sale the similar product to the various customers (Bragg S.). Thus both the methods impacts the work related to the accounts in context of the cash flows, the material inventory, labor and the overhead would be recorded without considering the type of process used by the entity. In job costing cost of components are accumulated and these are assigned to the product when the component are used and labor charges are assigned to the jobs based on the labor costs and overhead costs are accumulated in cost pools. In process costing, costs are accumulated and assigned at the end of the accounting period.
Job Costing vs. Process Costing : Example:
The selected company is the Harley Davidson producing motorcycles. This company considers the bike a desirable product for the product costing system. However...