Cost sheet Format
What is cost sheet: Cost Sheet is A statement which provides breakup of costs for a particular accounting period or for particular product.
First of we will look at the classification of Cost: Manufacturing
Basically cost of product can classify in to three elements
a) Materials b) Labor c) Expenses
Other way of classification of the cost
(1) Product costs = costs of manufacturing our products; or
(2) Period costs =costs other than product costs that are charged to, debited
(1) The classification of Product costs
Direct costs
Indirect Costs
(2) The classification of Period Costs:
Administration Costs
Finance Costs
Basic format of cost sheet is as follow
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 (Labor) 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 | *** |
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