Depending on the product type, managers can choose among different costing systems for assigning costs to products. These systems, in fact, are separately applicable, but with the help of technological improvements, it became easier to collect and process cost data; which makes it possible to combine these methods and reach a more accurate costing system by dedicating the same amount of resources in terms of cost and effort. Fundamentally, there are two main costing systems that differ in costing style:
• Job Costing
• Process Costing