Explain what is a Cost Statement?

February 20th, 2012 Comments off
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A cost statement or cost sheet or cost card shows the detailed cost of a cost centre or cost unit.Append below is a simple format of a cost statement:

Cost Statement or Cost sheet or Cost Card

 $

Direct material cost

           5,000

Direct labor cost

           4,000

Direct expenses

           1,000

PRIME COST

         10,000

Production overhead

           2,500

PRODUCTION COST

         12,500

Administration overhead

           4,300

Selling and distribution overhead

           6,500

TOTAL COST

         23,300

Profit

           3,400

Selling Price

         26,700

 

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Financial Accounting

 
 

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