Service costing, also referred to as operating costing, applies to services that lack a tangible form but fulfill consumer needs and preferences. It is a method used to ascertain the expenses incurred in the provision of services. The primary objective of service costing is to determine the cost per unit of service, enabling businesses to…
Joint Products Joint products refer to two or more products that are simultaneously produced through the same process and separated during processing, each possessing a sufficiently high saleable value to be recognized as a main product. By-Products A by-product is a secondary product or substance generated during the manufacturing or processing of another product. By-products…
In manufacturing, a finished product is created through a series of processes that transform raw materials into semi-finished goods before reaching the final, market-ready stage. This production cycle typically involves multiple stages, including processing, assembly, and quality control. A semi-finished product refers to raw materials that have undergone partial processing and are in a work-in-progress…
