ended on March 31, 1995. Prepare a cost sheet showing clearly the cost per unit under the various elements and also the profit or loss per unit. Rs. Rs. Direct materials Direct labor Depreciation of factory building Insurance: 25,00,000 8,00,000 16,000 Branch office expenses Depreciation of office building Depreciation of staff cars 30,000 10,000 Free Construction Budget Templates. Every construction job is unique, but a project budget can be organized using common categories of expenses. Below are budget templates for two main groups of construction projects: residential and commercial. We've also included a template to track budgeted expenses with actual job costs on any job. A cost sheet is a formal documentation of the fixed, variable, direct, and indirect costs a business incurs from start to finish in its production process. Based on this information, a company can determine the total production cost and fix the price per item for the commodities. Cost sheets are more common for production-based businesses, but Elements of Cost 1.19 Cost Sheet 1.23 Items Excluded from Cost 1.29 Price Quotations or Tenders and Estimated Cost Sheet 1.32 Problems and Solutions 1.33 Examination Questions 1.56 2. Material Cost Control 2.1—2.63 Classification of materials 2.1 Inventory (or Material) Control 2.2 ABC Technique 2.3 Ved Analysis 2.5 Stock Levels 2.6 A cost sheet is a useful tool for the managers to keep control over the business expenses and cost of the products or services. In the above format, we have assumed that the cost sheet is being prepared for a month. However, the period of a cost sheet may vary according to the preference of the company, i.e., it can be made for a week, a cost sheet format. TENDERS OR QUOTATIONS. A tender or quotation is an offer made by a person to supply certain goods at a specified price. It is an estimated price which is determined in advance of production. A reasonable margin of profit is added to the estimated cost to get the tender price. A tender has to be prepared very carefully as the Cost Sheet for the period end Units Produced = Units Sold = PARTICULARS TOTAL COST COST/UNIT DIRECT COST: Direct Material (Raw Material Consumed) X Opening Stock of Raw Material X Add: Purchases X X X Less: Closing Stock of Raw Material X X X Direct Wages X X Direct Expenses X X PRIME COST X X INDIRECT COST WORKS OR FACTORY OVERHEADS Indirect Materials X Indirect Wages X Leave/Overtime Wages X Fuel & Motive Power X Factory Rent & Taxes X Plant, Electric Equiptment, etc. X Work Salary X Importance and Objectives of Cost Sheet. 1. For calculating the total cost break-up. A cost sheet shows the break-up of the total cost into different elements, i.e. material, labour, overheads, etc. It also depicts the total cost and cost per unit of the units produced. 2. For determining the selling price. 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 Format COST SHEET OR STATEMENT OF COST Changes that occur in cost sheet when 200 units of entire opening stock remained unsold: Particulars Units Amount Amount Cost of Production Add: Opening finished goods Less: Closing finished goods (W .N - 6) Cost of Goods Sold Add: Selling & Distribution Overhead Cost of Sales Add: Profit Sales 5,000 1,000 1,000-20,000 41,920 2,3