Economics · Accounting
A business client, 'Global Toys', is engaged in manufacturing highly customized, antique-replica toys for museums and private collectors. Each order is unique, has distinct specifications, and requires specialized material procurement and labour skills. Which method of costing is the most appropriate for 'Global Toys' to accurately ascertain the cost and determine the selling price for each unique order?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Job Costing, as costs must be tracked separately for each unique and distinct order.✓
- 2Contract Costing, as each antique replica is treated as a separate, multi-year construction project.
- 3Standard Costing, as the predetermined costs can be easily set for the unique nature of each antique toy.
- 4Process Costing, as the production is continuous and involves a series of sequential departments.
Correct answer
Job Costing, as costs must be tracked separately for each unique and distinct order.
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