Wednesday, November 9

Cost Sheet Notes & Format


General Format of Cost Sheet is as Follows.



COST SHEET – FORMAT

Particulars
Amount
Amount
Opening Stock of Raw Material        
Add: Purchase of Raw materials              
Add: Purchase Expenses                             
Less: Closing stock of Raw Materials          
            Raw Materials Consumed            
            Direct Wages (Labour)               
            Direct Charges                    
  ***
***
***
***
***
***
***







Prime cost (1)                                                                

***
Add :- Factory Over Heads:
            Factory Rent                                    
            Factory Power                               
            Indirect Material                          
            Indirect Wages                                                               Supervisor Salary                     
            Drawing Office Salary             
            Factory Insurance                     
            Factory Asset Depreciation

***
***
***
***
***
***
***
***

Works cost Incurred                                                        

***
Add: Opening Stock of WIP                                      
Less: Closing Stock of WIP                                           
***
***

Works cost (2)                                                                

***
Add:- Administration Over Heads:-
            Office Rent                                
            Asset Depreciation                     
            General Charges                          
            Audit Fees                                  
            Bank Charges                              
            Counting house Salary                     
            Other Office Expenses      

***
***
***
***
***
***
***

Cost of Production (3)                                                  

***
Add: Opening stock of Finished Goods                       
Less: Closing stock of Finished Goods                         
***
***

Cost of Goods Sold

***
Add:- Selling and Distribution OH:-
            Sales man Commission                        
            Sales man salary                             
            Traveling Expenses                           
            Advertisement                                
            Delivery man expenses                  
            Sales Tax                                            
            Bad Debts                           

***
***
***
***
***
***
***

Cost of Sales (5)                                                           

***
Profit (balancing figure)                                               

***
Sales   

***
           
Notes:-
1) Factory Over Heads are recovered as a percentage of direct wages 

2) Administration Over Heads, Selling and Distribution Overheads are recovered as a percentage of works cost.



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