11.4 Each of the following scenarios describes an approach to costing.

a) Greenaway Slipknot Limited produces high quality prints of contemporary art. Typically, a production run will involve the printing of a limited edition of 25 to 50 prints of an original piece of artwork.

b) Gracechurch Stevens Limited produces replacement components and bags for vacuum cleaners. The company keeps sufficient of each item in the range in its inventory so that it can fulfil orders within a day or two. Once inventory of a particular item falls below a certain level, a production run is scheduled so as to replenish inventory.

c) Gilligan Shoreditch Limited makes high-performance speedboats. When an order is received it is assigned its own code number and a separate record is created for it on the production department’s computer. Issues of material and labour time spent on the order are booked to this record.

Apply the correct description (product costing, batch costing or job costing) to each scenario.