State the main characteristics of process costing and outline the costing procedure thereof.

Process costing is a method of costing used in industries where the production process is continuous and the products are homogeneous. The main characteristics of process costing are as follows:

1. Continuous Production: In process costing, the production is ongoing and typically takes place in a continuous flow, such as in chemical manufacturing, oil refining, or food production. The units produced are identical or very similar.

2. Homogeneous Products: Unlike job costing, where each unit is distinct, process costing is used for products that __________ ___ ____ _______ _____ ________.
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