Mini Bio (1) George Timothy Clooney was born on May 6, 1961, in Lexington, Kentucky, to Nina Bruce (nÃ©e Warren), a former beauty pageant queen, and Nick Clooney, a former anchorman and game show host (who was also the brother of singer Rosemary Clooney). He has Irish, English, and German ancestry.
In effect, target costing is a proactive cost planning, cost management, and cost reduction practice whereby costs are planned and managed out of a product and business early in the design and development cycle, rather than during the later stages of product development and production.
Process Costing Overview. Process costing is used when there is mass production of similar products, where the costs associated with individual units of output cannot be differentiated from each other. In other words, the cost of each product produced is assumed to be the same as the cost of every other product.