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What do you mean by Job Costing and what is its importance in Industries?

What do you mean by Job Costing and what is its importance in Industries?

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Job costing is method of costing where a track of cost of each job is maintained rather than of each process. All material, labour and overheads relating to that particular job are calculated. Job costing is used in industries where different kind of job works are carried out and the customer is billed on the basis of the job. This method allows the company to arrive at the cost of the job so that it can be seen whether a particular job is profitable or not.

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