Question

make a cost sheet
....​

Answer 1

method of preparing cost sheet :

Step 1 : Prime cost = direct material + direct labour + direct expenses .

Step 2 : Works cost = Prime cost + factory expenses .

Step 3 : Cost of production = works cost + office and administration expenses .

Step 4 : Total cost = cost of production + selling and distribution expenses . Profit sales - total cost ....

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Answer 2

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A cost sheet is a statement prepared at periodical intervals of time, which accumulates all the elements of the costs associated with a product or production job. It is used to compile the margin earned on a product or job and forms the basis for the setting of prices on similar products in the future.

Method of Preparation of Cost Sheet:

Step I = Prime Cost = Direct Material + Direct Labour + Direct Expenses.

Step II = Works Cost = Prime Cost + Factory/Indirect Expenses.

Step III = Cost of Production = Works Cost + Office and Administration Expenses.

Step IV = Total Cost = Cost of Production + Selling and Distribution Expenses. Profit = Sales – Total Cost.

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