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Process costing is a method of costing used in industries where production is continuous and units of output are homogeneous. It is commonly applied in industries such as chemicals, cement, textiles, oil refining, paper, and food processing, where goods pass through several distinct processes or departments before completion. One of the main characteristics of process costing is that production is carried out in a continuous flow, and output of one process becomes the input of the next process until the final product is obtained. Another important characteristic is that costs are accumulated process-wise or department-wise for a specific period. Separate accounts are maintained for each process, and all direct materials, direct labor, and direct expenses are debited to the respective process account. Indirect costs are allocated or apportioned to different processes on a suitable basis. Since production is continuous, costs are collected for a ____ ___ ___ _________ _________ ___ _______ _________ _____ ___ _____.
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