Cost sheet formula includes prime cost, works cost, cost of production, cost of goods sold, cost of sales, etc.
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| Particulars | Amount | Amount |
|---|---|---|
| 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 Expenses | *** | |
| Prime cost | *** | |
| 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 | *** | |
| Add: Administration Over Heads: | ||
| Office Rent | *** | |
| Asset Depreciation | *** | |
| General Charges | *** | |
| Audit Fees | *** | |
| Bank Charges | *** | |
| Counting house Salary | *** | |
| Other Office Expenses | *** | |
| Cost of Production | *** | |
| 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 | *** | |
| Profit (balancing figure) | *** | |
| Sales | *** |
Notes:
· Factory Over Heads are recovered as a percentage of direct wages
· Administration Over Heads, Selling and Distribution Overheads are recovered as a percentage of works
cost.
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