Ministry of Higher Education, Science and Innovation Tashkent State University of Economics

Conclusion 
The document highlights the importance of actual and standard costing 
methodologies in product work services. Actual costing tracks the actual cost 
incurred in producing a product or service, while standard costing estimates the cost 
based on historical information and industry averages. Both costing methods have 
been applied in various industries, including construction, manufacturing, and 
pharmaceuticals, among others. The document provides real-world examples of 
organizations using these costing methods and how they have informed future 
costing strategies. Insights from the examples include understanding industry norms, 
continuously reviewing cost data, identifying cost-saving opportunities, improving 
cross-functional collaboration, and using cost-based strategies. These insights can 
guide businesses in developing effective cost management strategies to improve 
profitability and competitiveness. the selection of the appropriate costing approach 
by a business depends on several factors, including the production method, the stage 
of production, and the nature of the products or services. Job costing is best suited 
for custom production, process costing is suited for mass production, and activity-
based costing is most useful in a situation where activities contribute significantly to 
the production of the product or service being produced. Therefore, the most Ideal 
approach to costing depends on the business's specific needs and production 
processes. 

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