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Nov 20 2012

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Cost Sheet Format

Cost sheet is a statement shows the detailed cost of finished goods during a period. It presents detailed information relating to cost per unit of a product at the different stages of production process. The preparation of cost sheet is one of the important and primary functions of cost accounting. Cost sheet is not an account. A cost sheet is a statement of cost prepared for a given period of time in such a manner that indicates various elements of cost as clearly as possible. Sometimes standard cost data are provided to compare with the actual cost increased. The format of a cost sheet is as follows:

Cost Sheet for the Period: ……………

Production:……………. Units

Particulars  Total cost Cost per Unit
(a) Direct Materials 
Opening Inventory **********
Add: Purchase of Raw Materials **********
Less: Purchase Return **********
Less: Purchase Allowance **********
Less: Purchase Discount **********
Add: Freight **********
Direct Materials Available for Consumption **********
Less: Ending Inventory **********
Direct Materials Consumed **********
(b) Direct Labour **********
Direct Expenses **********
Prime Cost ********** **********
(c) Factory Overhead or Manufacturing Overhead
Indirect Materials **********
Indirect Labour **********
Rents and Rates (Factory) **********
Lighting and Heating (Factory) **********
Power and Fuel **********
Repairs and Maintenance **********
Depreciation of Factory Plants **********
Works Stationery **********
Payroll Taxes **********
Work Manager’s salaries **********
General Factory Overhead **********
Total Factory Overhead Cost  **********
Total Manufacturing Cost ********** **********
Add: Work in Process (Opening) **********
Less: Add: Work in Process (Ending) **********
Cost of Goods Manufactured  ********** **********
Add: Finished Goods Inventory (Opening) **********
Cost of Goods Available for Sale ********** **********
Less: Finished Goods Inventory (Ending) **********
Cost of Goods Sold ********** **********
Add: Administrative Overhead Cost **********
Add: Selling and Distribution Overhead Cost **********
Total Cost or Cost of Sales ********** **********
Add: Profit (Loss) **********
Sales  ********** **********

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