Preparation of Cost Sheet - Overheads, Cost Accounting B Com Notes | EduRev

Cost Accounting

B Com : Preparation of Cost Sheet - Overheads, Cost Accounting B Com Notes | EduRev

The document Preparation of Cost Sheet - Overheads, Cost Accounting B Com Notes | EduRev is a part of the B Com Course Cost Accounting.
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Preparation of Cost Sheet

Cost sheet is one of the method of unit costing. Detail of cost sheet we will discuss in lesson 7. The format of cost sheet is as under:-

Cost Sheet for the Period___________________

Production __________ Unit

ParticularsAmountAmount
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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