_____________ is a system of computing the cost of production or of running a business by allocating expenditures to various stages of production or to different operations of a firm.
costing

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Costing is a system of computing the cost of production or of running a business by allocating expenditures to various stages of production or to different operations of a firm.

Costing is any system for allocating costs to a business component. Customers, distribution channels, employees, geographic regions, products, product lines, processes, expenditures, and entire companies are typically costed firm. Costing is the process by which an entrepreneur determines or calculates the cost of producing or selling each individual product (goods or service). WHY IS COST BEFORE PRICING IMPORTANT? To be able to set a fair and competitive price for the product.

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