The correct answer is: Job costing.
Job costing is a type of costing system that is used to track the costs of individual jobs or projects. It is often used in industries where the products or services are unique or customized, such as manufacturing, construction, and printing.
In job costing, each job is assigned a unique number and all of the costs associated with that job are tracked separately. This includes the costs of materials, labor, and overhead. The costs of each job are then totaled to determine the job’s cost.
Job costing is a valuable tool for businesses that need to track the costs of their products or services. It can help businesses to determine their prices, to control costs, and to make informed decisions about their operations.
Here is a brief explanation of each option:
- Process costing is a type of costing system that is used to track the costs of a process or production run. It is often used in industries where the products or services are standardized, such as oil refining and chemical manufacturing.
- Batch costing is a type of costing system that is used to track the costs of a batch of products or services. It is often used in industries where the products or services are produced in batches, such as food processing and pharmaceutical manufacturing.
- Multiple costing is a type of costing system that is used to track the costs of multiple products or services. It is often used in industries where the products or services are complex and have a variety of costs associated with them, such as aerospace and defense manufacturing.
- Job costing is a type of costing system that is used to track the costs of individual jobs or projects. It is often used in industries where the products or services are unique or customized, such as manufacturing, construction, and printing.