Define Costing

It is the amount of expenditure actual or notional
“incurred on”
or “attributable”
“Actual” refers to expenses paid in Cash / Cheque.
“Notional” refers to expenses not to be settled in cash.
eg. Depreciation, Salary to owner, Rent for owned Premises.
“Incurred on” refers to expenses which are directly related to the product.
“attributable” refers to expenses which are not directly related to the product.