What are the different methods of costing used in Indian cost accounting?

In Indian cost accounting, several methods of costing are employed to suit the diverse needs of different industries. These methods include job costing, process costing, standard costing, marginal costing, and activity-based costing (ABC). Job costing is utilized in industries where products or services are customized or produced in distinct batches. Process costing, on the other hand, is suitable for industries with continuous production processes, such as chemical manufacturing. Standard costing involves setting predetermined cost standards for various activities and comparing actual costs against these standards. Marginal costing focuses on analyzing the behavior of costs concerning changes in production volume. Finally, activity-based costing assigns costs to products or services based on the activities involved in their production or delivery, providing a more accurate picture of costs.