Session 8  Process costing
　　Main contents 1. Process costing
　　2. Losses in process costing
　　3. Losses with scrap value
　　4. Loss with a disposal cost
　　5. Valuing closing work in process
　　6. Valuing opening in progress: FIFO & Weighted average cost method
　　8.1 Process costing:
　　Process costing is a costing method used when it is not possible to identify separate units of production, or job, usually because of the continuous nature of the production processes involved.
　　Conversion cost = direct labour + production overheads
　　Features of process costing
　　● The output of one process becomes the input to the next until the finished product is made in the final process
　　● The closing work in process must be valued.
　　● There is often a loss in process due to spoilage, wastage, evaporation and so on
　　● Output from production may be a single product, by-product or joint product
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