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A good costing system typically encompasses all the elements that contribute directly to the production process and resource allocation. Components like machinery, materials, and minutes are integral because they represent the physical and time resources necessary for manufacturing goods.

Machinery refers to the equipment used in production, which can have significant costs associated with acquisition, maintenance, and operation. Materials denote the raw inputs required to create finished products, and accurately tracking these costs ensures that the pricing of products reflects actual expenditures. Minutes represent the time spent on production activities, which is critical for calculating labor costs and overall efficiency.

While inspection is important for quality control and ensuring that products meet required standards, it is not always classified as a core component of the costing system itself. Instead, inspection may be considered a part of the overall quality assurance process rather than a direct contributor to the cost calculation. Therefore, it stands out as not being a primary component of a good costing system.