What is cost sheet and format of cost sheet?

Answer 1

COST SHEET:

Cost Sheet is a detailed statement of the elements of cost incurred in production, arranged in a logical order under different heads such as materials, labor and overheads, prepared at short intervals of time.

FORMAT OF COST SHEET:

Direct materials

+Direct labor

+Direct expenses

Prime Cost

Add: Factory overhead

Factory cost or work cost

Add: Administration overhead

Cost of production

Add: Opening stock of finished goods

Less:Closing stock of finished goods

Cost of goods sold

Add: Selling and distribution expenses

Cost of sales

Profit/Loss

Sales