ECONOMICS

Detailed explanation-1: -Job costing deals with discrete systems. When products are made continuously, a process costing system emerges. Unit costing is applicable to both systems. Process manufacturing creates other products which are called joint products.

Detailed explanation-2: -Businesses use job order costing for small batches of customizable or unique products and individual job orders, while businesses use process costing for mass-produced or standardized products. Typically, in process costing, the products produced are the same or very similar.

Detailed explanation-3: -Both process costing and job-order costing assign production costs to units of output.

Detailed explanation-4: -Unit cost is the total cost incurred for production, sales, and storage of one unit. It is calculated by dividing the total cost of production by the total number of units produced.