Definitions for "Job costing"
Keywords:  lifo, fifo, allocation, syn, actual
The identification of standard or actual costs with items produced on a specific job, or run, as compared to an allocation based on department or time.
generally, it is the allocation of all time, material and expenses to an individual project or job; specifically, JOB COSTING is normally software based and provides for budgeting, forecasting, collecting and reporting on the expenditure and revenue associated with specific projects or jobs.
A system of costing which accumulates costs for each job separately.