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:
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Cost Sheet for the Period: …………… Production:……………. Units
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| 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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