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    Output or Unit Costing (Cost Sheet)

    Uploaded by

    Deepak Kumar
    Output costing, also known as single costing, is a method used to ascertain costs in industries that produce a single product like brick works, cement, dairy, steel mills, paper mills, and sugar mills. The document provides an example cost sheet for a period showing costs like raw materials, direct wages, factory overhead, administration overhead, and cost of goods sold to calculate the total cost per unit of production. It also explains the purpose of a cost sheet is to reveal total and unit costs, break down total cost into elements, and guide management on price setting and quoters.

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    Download as PPT, PDF, TXT or read online from Scribd

    Output or Unit Costing (Cost Sheet)

    Uploaded by

    Deepak Kumar
    26 views8 pages
    Output costing, also known as single costing, is a method used to ascertain costs in industries that produce a single product like brick works, cement, dairy, steel mills, paper mills, and sugar mills. The document provides an example cost sheet for a period showing costs like raw materials, direct wages, factory overhead, administration overhead, and cost of goods sold to calculate the total cost per unit of production. It also explains the purpose of a cost sheet is to reveal total and unit costs, break down total cost into elements, and guide management on price setting and quoters.

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    Output or Unit Costing (Cost Sheet)

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    Cost Sheet

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    Output costing, also known as single costing, is a method used to ascertain costs in industries that produce a single product like brick works, cement, dairy, steel mills, paper mills, and sugar mills. The document provides an example cost sheet for a period showing costs like raw materials, direct wages, factory overhead, administration overhead, and cost of goods sold to calculate the total cost per unit of production. It also explains the purpose of a cost sheet is to reveal total and unit costs, break down total cost into elements, and guide management on price setting and quoters.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    26 views8 pages

    Output or Unit Costing (Cost Sheet)

    Uploaded by

    Deepak Kumar
    Output costing, also known as single costing, is a method used to ascertain costs in industries that produce a single product like brick works, cement, dairy, steel mills, paper mills, and sugar mills. The document provides an example cost sheet for a period showing costs like raw materials, direct wages, factory overhead, administration overhead, and cost of goods sold to calculate the total cost per unit of production. It also explains the purpose of a cost sheet is to reveal total and unit costs, break down total cost into elements, and guide management on price setting and quoters.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Output or Unit Costing (Cost Sheet)

    Output costing also known as Single Costing, is a method of cost ascertainment, which is used in those industries in which production consists of a single product.

    Type of Industries
    Brick Works Cement Industry Dairies Steel Mills Paper Mills Sugar Mills

    Period: June 2012

    Cost Sheet

    Output : 10,000Units Amount (Rs) Cost/Unit xxx x

    Raw Material Consumed (Opening Stock of RM + Purchase of RM+ Carriage + FreightClosing Stock of RM) Direct Wages/ Labour Prime Cost Factory Overhead Opening W-I-P Closing W-I-P) Works Cost Office & Administration Overhead Cost of Production Opening Stock of FG Less : Closing stock of FG Cost of Goods Sold Selling & Distribution Overhead Cost of Sales Profit Sales

    xxx XXX xxx xxx XXX xxx XXX xxx xxx XXX xxx XXX XXX XXX

    x x x x x x xxx

    x x x x x

    Cost Sheet is defined as a document which provides for the assembly of the detailed cost of a cost centre or cost unit. Purpose:
    (a)Reveals the total cost & cost per unit of goods produced (b)Discloses the break-up of total cost into different elements of cost (c)Provides a comparative study of the cost of current period with that of the corresponding previous period (d)Acts as a guide to management in fixation of selling prices and quotation of tenders.

    Prepare a cost Sheet


    Raw Material Consumed-15,000; Direct Labour-9,000; Machine Hours worked-900 hrs @ Rs 5 Administration Overhead- 20% on Works Cost Selling Overhead- Rs0.50 per unit Unit Produced- 17,100 units Unit Sold 16,000 units @Rs 4 per unit

    Valuation of Closing Stock of Finished Goods under different Methods like FIFO, LIFO, Simple Average, Weighted Average
    Question / Information:

    Output (units) Sales (units) Opening Stock of FG Closing Stock of FG Cost of Production

    88,000 80,000 16,000 units @ Rs 4 24,000 units Rs 4,36,000

    Thank You

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