The word “costing” refers to the process of determining or estimating the expense associated with a particular product, service, or project. It involves calculating all relevant costs, such as materials, labor, overhead, and any additional expenses, to assess the total financial requirement. In a broader sense, “costing” can also relate to the analysis used in budgeting and financial planning to evaluate the economic viability of decisions. Additionally, in accounting, it can refer to the method of apportioning costs to determine profitability.
