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Cost Accounting Notes And Sample Cost Sheet

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Published in: Costing
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Hi All please find the cost sheet notes and a sample cost sheet.

Sanjeev / Pune

9 years of teaching experience

Qualification: MBA/PGDM (sinhgad institute of management - 2011), B.Com (Chatrapati Sahuji Maharaj University, Kanpur - 2009)

Teaches: All Subjects, English, Mathematics, Science, Accountancy, Business Studies, Commerce Subjects, Statistics, Business Mathematics, BBA Subjects, Management Subjects

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  1. prepared by sanjeev Specimen Cost sheet Sr. No. B C D E F G Cost sheet for the period Production : Particulars Direct Materials Opening Stock Add Purchases Add Carriage inward Less Closing Stock Direct Material Consumed Direct Wages Direct Expenses Prime Cost (A + B + C) units Amount Rs. Works Overheads / Factory overheads/ Production overheads Factory overheads Indirect Material Loose Tools Indirect wages Rent & rates Lighting & heating Power & Fuel Repairs & Maintenance Cleaning Office expenses Cost of reaearch & expenditure Depreciation on factory plant Works stationery Welfare service expenses Insurance of fixed assets Insurance of stocks Works manager's salaries Factory Cost / Works Cost ( D + E ) Office & Administration Expenses Office & Administration Overheads Rent & rates (Office) Salaries Lighting & heating Insurance of office building & equipments Telephone & postage Printing & Stationery Depreciation of furniture, office equipments & building Legal expenses Audit fees Bank charges
  2. K L M N Notes prepared by sanjeev Cost of goods produced / Cost of Production ( F + G ) Adjustment on account of stock of finished goods Add Opening stock of finished goods Less Closing stock of finished goods i.e. (Cost of goods produced / no. of units produced)* closing stock (units) Cost of goods sold (H + l) Selling & distribution expenses Selling & distribution overheads Showroom rent & rates Lighting & heating Salaries to salesmen Commission Travelling expenses of salesmen Sales printing & stationery Advertising Baddebts Postage Depreciation & expenses of delivery van Debt collection expenses Carriage Freight outward Samples & other free gifts Cost of Sales (J + K) Net Proft / Loss Sales (L + M) Unless otherwise stated, closing stock of finished goods should be valued at current cost of production assuming that the first - in - first out method of inventory valuation is in use. Items of financial nature like income tax, cash discount, interest on capital, interest on bank overdraft, donations, dividend, preliminary expenses written off, goodwill written off, provision for doubtful debts, transfer to reserves etc. are ignored while preparing cost sheet.
  3. Total Cost Rs. prepared by sanjeev Cost p.u. Rs. wrt no of units produced wrt no of units produced wrt no of units produced wrt no of units produced wrt no of units produced
  4. prepared by sanjeev wrt no of units produced wrt no of units sold wrt no of units sold wrt no of units sold wrt no of units sold wrt no of units sold
  5. prepared By sanjeev # From the following information, prepare a cost sheet showing the prime cost, factory cost, cost of produced, cost of goods sold, cost of sales and profit per unit and in total. 1. Cost of materials @Rs.13 p.u. 2. Labour cost @ Rs. 7.50 p.u. 3. Factory overheads are absorbed @60% of labour cost 4. Administration overheads are absorbed @ 20% of factory cost. 5. Selling overheads are charged @ 2.50 p.u. sold. 6. Opening stock of finished goods — 500 units @ 19.75/- 7. Closing stock of finished goods — 250 units 8. Sales 10250 units at profit of 20% on sales. # Below is the enumerated expenditure in the manufacture of A product. Particulars Raw material Electric ower Re airs Li ht & Water Rates & insurance Administration office Quintals manufactured: 17,200 Particulars 28000 Fuel 1340 Process and eneral wa es 2400 Haula e 400 Rent 300 Office salaries & eneral ex enses 5000 De reciation on machiner # Mr. A furnishes the following data relating to the manufacture of a standard product during the mond Particulars Raw materials purchase Opening stock of raw materials Closing stock of raw materials Direct labour cost Machine hours worked Machine hr rate Carriage inwards Administrative overheads Selling overheads Amount Rs. 900 hrs 15000 4000 5000 9000 5 1000 20% on works cost 0.50 per unit sold
  6. Units produced Opening stock of finished products Units sold Selling price per unit Prepare cost sheet prepared By sanjeev 17100 2000 units @ Rs. 1.50/- P.u. 16000 units 4
  7. prepared By sanjeev 6900 63500 1060 2000 7000 2500 of January, 2009.

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