Question

State any 3 distinctions between manufacturing cost statement and Job cost sheet.

Answer 1

A manufacturing cost statement is a type of report in which an individual is engaged in the production of goods. This is a really important report. However, it is not part of the annual financial management of the organization.

Manufacturers spend different costs during the production process. The focus of the organization is towards the creation of business accounting and gathering comparative information about the manufacturing budget. Most manufacturers use the manufacturing statement to keep records of costs during production.

Are often sensitive to changes in production costs. The overall production costs are also increasing as production increases.

The previous cost of each item does not vary greatly. However, excess production always creates additional supply costs.

Production cost is divided into three categories. Goods, hard work and overhead. These are all expenses. That is, the organization does not appear to include salary expenses or any items of management.

Almost all businesses have the opportunity to continue to grow their products to the fullest extent.

A Cost sheet is a statement in which an account of a specific income expenditure is presented over a period of time. It's not like a production account that doesn't go to a spending account.

The Cost sheet is used to determine the total amount of goods or stock produced during a specific period, but in which the total production cost per unit and unit cost are shown from the beginning to the end of production. Cost sheets are designed for company management.

The Cost statement is not a double entry account-wise. Which is to calculate total cost, cost per unit and production cost. All the components of cost are taken from the financial accounting records. Sheet cost per item spent is the total sheet price.