process costing:
"A system that accumulates all costs for the production of similar items in a given batch, lot or time frame and creates an average unit cost based on the volume or units produced. Costs are tracked only for the entire batch, and not pegged to individual units. "

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Definitions of terms related to process costing:

• Acquisition cost
• Actual cost
• cost of goods sold (COGS)
• online analytical processing (OLAP)
• p chart
• period cost
• Planned cost
• process
• process manufacturing
• process sheet
• process time
• process view
• Product costing
• project costing
• Standard cost
• work in process (WIP)