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CONCEPT OF COST SHEET

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

A cost sheet is prepared to know the outcome and breakup of costs for a particular accounting period. Columnar form is most popular. Although cost sheets are prepared as per the requirements of the management, the information to be incorporated in a cost sheet should comprise of cost per unit and the total cost for the current period along with the cost per unit and the total cost of preceding period. Data of financial statement is used for preparation of cost sheet. Therefore, reconciliation of cost sheet and financial statement should be done on a regular interval.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

-Cost sheet is a statement of cost.In other words, when costing information are set out in the form of a statement, it is called cost sheet. It is usually adopted when there is only one product is produced and all costs are incurred for that product only. -A cost sheet is a report on which is accumulated all of the costs associated with a product or production job. A cost sheet is used to compile the margin earned on a product or job, and can form the basis for the setting of prices on similar products in the future. -Cost sheet is a statement which depicts detailed information about total costs and cost of a product manufactured during a particular period of time. -The cost sheet is prepared for a particular period e.g. monthly, quarterly etc. -The preparation of cost sheet depends on the cost data provided by cost accounting. **Due to differences in the nature of cost data there are three different cost sheet Performa may be used.** **(a) Cost sheet with break up cost:** These types of cost sheet contains two column as total cost, cost per unit of out put. A specimen of cost sheet with imaginary figure. **(b) Cost Sheet with treatment of Stock**: This type of cost sheet is maintained in case of manufacturing concern. Generally there are three types of stock as (1) Stock of Raw material, (2) Stock of work in progress and (3) Stock of finished goods. The treatment of stock in cost sheet has been given in a separate Performa. **(c) Estimated cost sheet or price quotation:** Price quotation means quoting the minimum price for obtaining a specific order. The quotation is send in the form or estimated cost sheet having one column. In estimated cost sheet all elements of cost and overhead expenses are calculated in the following manner. -Estimated direct material -Estimated labor cost -Estimated overheads

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**COST SHEET** Cost sheet is a document that shows the cost of items and services required by the specified project or department. Cost sheet is a used to evaluate the cost control measures. Cost sheet is used to calculate the margin and profits earned on product or job. Cost sheet is also known as costing sheet. All the costs which is associated with product or production job is included in the cost sheet. Thanks

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Picsjoin 2017224123730582 answered

Hie Uma, **Concept of Cost Sheet is explained as follows :-** A cost sheet is a report on which is accumulated all of the costs associated with a product or production job. A cost sheet is used to compile the margin earned on a product or job, and can form the basis for the setting of prices on similar products in the future. It can also be used as the basis for a variety of cost control measures. Despite the name, a cost sheet can be compiled and viewed on a computer screen, as well as being manually developed on paper. The costs listed on the report are usually aggregated into the following categories: Direct materials Direct labor Allocated factory overhead In some situations, a cost sheet may also include a line item for allocated administrative overhead .

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Open uri20170510 32134 1nqu8aj?1494421649 answered

A cost sheet is prepared to know the outcome and breakup of costs for a particular accounting period. Columnar form is most popular. Although cost sheets are prepared as per the requirements of the management, the information to be incorporated in a cost sheet should comprise of cost per unit and the total cost for the current period along with the cost per unit and the total cost of preceding period. Data of financial statement is used for preparation of cost sheet. Therefore, reconciliation of cost sheet and financial statement should be done on a regular interval. Format COST SHEET OR STATEMENT OF COST Total Units……… Opening Stock of Raw material ... ... ... ... ... ... ... ... Add: Purchases ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... Less: Closing Stock ... ... ... ... ... ... ... ... Cost of material Consumed → ... ... ... ... ... ... ... ... Add: Direct Labor/Wages ... ... ... ... ... ... ... ... Prime Cost → ... ... ... ... ... ... ... ... Add: Works overheads ... ... ... ... ... ... ... ... Works Cost → ... ... ... ... ... ... ... ... Add: Administration overheads ... ... ... ... ... ... ... ... Cost of Production → ... ... ... ... ... ... ... ... Add: Selling and distribution overheads ... ... ... ... ... ... ... ... Total Cost or Cost of Sale → ... ... ... ... ... ... ... ... Add: profit --.... ... ... ... ... Sales

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