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Guidance
Advantages of Process Costing: program for GS
PAPER 3 AND
The following are the main advantages of process costing: INDIAN
ECONOMY
1. It is possible to determine process costs periodically at short
intervals. Unit cost can be computed weekly or even daily if
overhead rates are used on predetermined basis.

2. It is simple and less expensive to find out the process cost.

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3. It is possible to have managerial control by evaluating the Subscribe Test

performance of each process. Series for UPSC
Prelims 2020
4. It is easy to allocate the expenses to processes in order to have
accurate costs.

5. It is easy to quote the prices with standardisation of process.

Standard costing can be established easily in process type of
manufacture.

Disadvantages of Process Costing:

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The following are the main disadvantages of process costing: Integrated
Guidance
1. Costs obtained at the end of the accounting period are only of Program for
historical value and are not very useful for effective control. Commerce
Optional
2. Work in progress is required to be ascertained at the end of an
accounting period for calculating the cost of continuous process.
Valuation of work in progress is generally done on estimated basis
which introduces further inaccuracies in total cost.

3. Where different products arise in the same process and common

costs are prorated to various cost units. Such individual products’ Join Civil Service
costs may be taken as only approximation and hence not reliable but Gurukul Telegram
may be taken as the best. Channel for
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4. There is a wide scope of errors while calculating average costs.
An error in one average cost will be carried through all processes to
the valuation of work in process and finished goods.

5. The computation of average cost is more difficult in those cases

where more than one type of products are manufactured and a
division of the cost elements is necessary. Join Indian
Economy
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