12.1 Introduction12.2 Advantages and Disadvantages of Process Costing12.2.1 Advantages of Process Costing12.2.2 Disadvantages of Process Costing12.3 Industries where Process Costing is Applied12.4 Characteristic Features of Process Costing12.5 Accounting Procedure of Process Costing12.6 Normal Loss12.7 Abnormal Loss12.8 Abnormal Gain12.9 Treatment of Normal Process Loss, Abnormal Process Loss and Abnormal Gain12.10 Job Costing Versus Process Costing12.11 Interprocess Profits and their Accounting Procedure12.11.1 Interprocess Profits12.11.2 Accounting Procedure for Interprocess Profit12.12 Equivalent Production12.13 Joint Products and By-Products12.13.1 Features of Joint Products12.13.2 By-products12.13.3 Difference between By-products and Joint Products12.14 Split-Off Point/Separation Point12.15 Joint Costs12.16 Separation Costs12.17 Difficulties in Costing Posed By-products and Joint ProductsPhysical Units MethodReverse Cost/Net Realizable Value MethodChapter SummaryExercise for Your PracticeDiscussion QuestionsProblemsJoint Products and By-products