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Cost Sheet

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Cost Sheet
For the period ended……………..
Raw Material Inventory, Beginning
Add: Purchase of Raw Material
Less: Purchase return & allowances
Less: Purchase discount
Net Purchase
Add: Trade in or Freight in
Cost of Goods purchased
Cost of raw material available for use
Less: Raw material inventory, Ending
Cost of raw material used/consumed

Add: Direct Labor
Prime Cost
Add: Factory Overhead: Indirect Material Indirect Labor Other indirect expenses Total manufacturing cost

Add: Beginning W-I-P

Cost of input put into the process
Less: Ending W-I-P

Cost of good manufactured

Add: Beginning finished goods inventory

Cost of goods available for sale
Less: Ending Finished goods inventory Cost of goods sold
Add: Operating expenses: Selling and Distribution Administrative Expense

Cost of sales Net Profit Sales xxx xxx xxx xxx xxx xxx xxx xxx

xxx xxx xxx

xxx xxx xxx xxx xxx

xxx

xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx xxx Excercise2-3

CyberGames
Income Statement
Sales ....................................................... $1,450,000
Cost of goods sold:
Beginning merchandise inventory ............ $ 240,000
Add: Purchases...................................... 950,000
Goods available for sale.......................... 1,190,000
Deduct: Ending merchandise inventory .... 170,000 1,020,000
Gross margin ........................................... 430,000
Less operating expenses:
Selling expense...................................... 210,000
Administrative expense........................... 180,000 390,000

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