Define unit costing. Mention the industries to which this method of costing is applicable.

Unit costing, also known as unit cost accounting, is a method used to determine the cost of producing a single unit of a product or service. It involves analyzing all the costs associated with the production process and allocating them to each unit produced. This method is particularly useful in industries where products or services are produced uniformly, and where the cost of each unit can vary significantly depending on factors such as materials, labor, and overhead.

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