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Process costing is a technique of accounting that is useful and is also most suitable for firms committed in non-stop manufacturing of products in bulk in which differentiation between units of products manufactured, is quite difficult. Companies like textile companies, food processing and bottling companies use this type of costing process. In these firms total cost of one process gets transferred to the other till the production is completed resulting in the required final work. It is mostly adopted by the firms producing a single commodity in bulk or a group of products of various types.  

Advantages of using this type of cost

This method of costing helps in calculating the cost of different processes and of the final product in a very short interval of time. This style of costing also helps in precisely calculating the unit costs even on weekly bases. With this standardized method of calculation, the average can also be calculated promptly. Price quotations can also be calculated very easily with this process. More importantly, this process of costing requires fewer efforts and costs compared to other job costing procedures. Expense allocation is also done with this process as each process expense can be calculated more precisely and with lesser work efforts. This type of costing procedure also provides a greater extent of performance analysis and managerial control as the availability of cost data in the form of a prompt and accurate expense report.

Limitations of this type of costing

Along with the advantages of this type of costing procedure their certain limitation that comes along with it. This type of costing is not very useful the future managers as most of the data is based on historical cost. The cost determination does suffer some hindrance, as the cost of the unfinished work is also determined by equivalent production units. The entire process of this type of cost does not always provide the actual cost. While calculating cost with process costing system, accuracy and precision are very necessary. If there is any mistake while calculating cost with this process at any step will affect the cost evaluation in the subsequent process as well as the cost of the work in process and finished product. Average costing is the base of this type of costing process, which does not always present the actual cost. Without having a scientific base this process is not very viable for managerial purposes.

About the Report 

This report was made after conducting deep research on the given topic. I am not very new to the research work, but still, this was quite difficult for me. While conducting my research I got a deeper understanding of this topic. This research work helped me in understanding different aspects of Process costing. This type of costing process has its pros and cons. There are a lot of parts in this style of costings which is beneficial for the firms using this, however, there are some back-drops of the process also. Most of the reports I went through were either criticized this style of costing or appreciated immensely. To make my report realistic I thought of including both the aspects of process costing, which made the selection process so that I could promote my thoughts got quite difficult.  

This report helped me gain a wider and deeper insight into process costing, it's benefits and few of the losses. 

Reflection on what I learned

This process of researching for this topic will always be something I will always cherish. The deeper I dug, while conducting my research I got more acquainted with the topic. Despite having few disadvantages this process is very useful for the firms which produce final products in bulk. This system of costing helps in calculating the costs of different processes and is involved in the manufacturing along with the allocation of the cost of the final product. Firms with a larger amount of output using this type of costing procedure. This process of making a report was quite difficult and did require a lot of reading and dedication.

Insight I gained

This process of researching to make a report was very interesting along with being difficult. I learned different types of advantages and disadvantages of Process costing. How it is beneficial to the firms with a huge number of output and why it can not be used for managerial purposes.

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