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Cost sheet is a documented statement consisting of all the elements of costs arranged in a chronological order. Or in other words, cost sheet is termed as the details of total cost presented in the form of a statement. It is a record where all the details of cost in respect of a cost unit or cost center are assembled. A cost sheet is only an epistle statement which is not included in the double entry system. In order to compare current costs with the past costs, separate columns can be included to indicate cost per unit at different stages of production. Cost Sheet Assignment Help provides basis idea and a clear concept about cost sheet and its various advantages.
Advantages and Preparation of Cost Sheet
- The advantages of cost sheet given in Cost Sheet Assignment Help are –
• It is a simple and efficient means of communication which provides information related to costs in a simple form.
• Helps us to disclose the total cost and cost per unit of the products produced.
• By the help of cost sheet, comparative study can be done of the various elements of the current costs with the past costs.
• It becomes easier for the management to fix selling prices of the products.
• It becomes easier for the management to formulate production policy as it acts like a guide providing information.
• By the help of cost sheet the management can submit quotations and prepare estimates for tenders.
• The management can keep control over the overall cost of production.
• Helps the company by minimizing the cost of production.
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The elements required for preparation of the cost sheet given in Cost Sheet Assignment Help are
1. Raw Materials: – It is the most important element in the preparation of the cost sheet. It is essential to calculate the cost of raw material consumed. Cost of raw material is calculated with the help of opening stock of raw materials, the period and closing stock of raw materials at the end of the period.
2. Stock of Work-in-Progress: – The goods on which some work has been done but which are not yet completed to be submitted at the end of the period are referred to as Work-in-progress. The stock of work-in-progress is valued on the basis of work cost.
3. Stock of Finished Goods: – The stocks of goods on which complete factory work has been done and is ready to be submitted are referred to as stock of finished goods. This is valued at the cost of completed production.
There are six elements required for preparation of the cost sheet. To attain a deep knowledge about all its elements one shall refer to Cost Sheet Assignment Help.
Features of Cost Sheet Assignment Help are
Clients looking for Cost Sheet Assignment Help from us can expect a few pros and traits
• Cost Sheet to be prepared well.
• Materials required for cost sheet is in plenty.
• Notes and data are supplied in details.
• Professionals considered to be the best are hired.
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