The cost sheet of POR Ltd. Provides the following data : Cost per unit Raw materials Rs. 50 Direct Labor 20 Overheads (including depreciation of Rs.10) 40 Total cost 110 Profits 20 Selling price 130 1) a) Average raw material in stock is for one month. b) Average materials in work in progress is for half month. c) Credit allowed by suppliers; one month; d) credit allowed to debtors; one month. e) Average time lag in payment of wages; 10 days; f) average time lag in payment of overheads 30 days 2) 25% of the sales are on cash basis. 3) Cash balance expected to be Rs.1,00,000 4) Finished goods lie in the warehouse for one month. You are required to prepare a statement of the working capital needed to finance a level of the activity of 54,000 units of output. Production is carried on evenly throughout the year and wages and overheads accrue similarly. Debtors are to be valued at cost.
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Answer:
A cost sheet is a declaration that lists the many expenses that contribute to a product's overall cost and provides prior information for comparison.
Explanation:
What is cost sheet ?
The fixed, variable, direct, and indirect expenses a company faces during its production process are formally documented on a cost sheet. Based on this data, a business can calculate the total cost of production and set the price per unit for the commodities.
The cost principle mandates that the purchase prices of all assets be reflected in the books of accounts. This includes the expense incurred for installation, transportation, and purchase.
The fixed, variable, direct, and indirect expenses a company faces during its production process are formally documented on a cost sheet. Based on this data, a business can estimate the overall cost of production and set the price per item for the commodities.
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