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1. Cost Sheet Template Microsoft: software, free download Windows 7
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5. Cost Sheet Template Microsoft: software, free download Windows 10

Cost Sheet Template is a ready-to-use template in Excel, Google Sheet, OpenOffice Calc, and Apple Numbers that helps you to define the selling price of your products.

This template can be an effective tool for General Managers, Higher management of production units for defining the product prize, and keep the monitor the cost.

Additionally, this template can be useful for new startups, production units, or any other small business for cost management purposes.

What is A Cost Sheet?

A Cost sheet is a periodic accounting document that is prepared to know the outcome and breakup of costs for a particular accounting period.

It shows various components of the total cost of a product. It will classify and analyze the components of the cost of a product.

This document helps in ascertaining the selling price of a product. In other words, the bifurcation of total cost in the form of a statement refers to a cost sheet.

Methods To Prepare Cost Sheet

You can prepare a Cost Sheet is based on Historical Costs and Estimated Costs.

Historical Cost: A Historical Cost sheet includes the actual cost for a past period.

Estimated Cost: A Estimated Cost sheet includes costs before the commencement of production. Such a cost sheet is useful in quoting the tender price of a job or a contract.

We use data from the financial statement to prepare a cost sheet. Thus, the reconciliation of cost sheets and financial statements is a must at a regular interval.

Purpose of Cost Sheet

The main objective of the cost sheet is to ascertain the cost of a product. This sheet helps you fix the selling price of a product or service.

Thus, it is also helpful in controlling the cost of a product it is necessary for every manufacturing unit.

Moreover, it helps in taking important decisions by the management. Decisions such as to make changes in product or raw material, deciding prices or to retain/replace an existing machine, etc.

Elements of Cost Sheet

There are 5 major elements of Cost Sheet. These elements include Prime Costs, Work Costs, Production Costs, COGS, and Sales Costs.

Prime Costs

Prime costs are the direct expenses related to production such as labor and raw materials. Indirect costs such as utilities, delivery costs, etc will not be included in prime costs.

Work Costs

Work Costs include indirect expenses such as utilities, manages salaries, delivery costs, and other administrative expenses that support the production.

In simple terms, the sum of all the following expenses equals to Factory Costs or Work Costs:

• Factory Rent
• Electricity Charges
• Indirect Material Expenses
• Other Indirect Wages
• Salaries of Production Heads/Supervisors
• Other Salaries
• Factory Insurance
• Depreciation of Factory

Production Costs

Adding administrative expenses to Factory costs equal Production costs. These administrative expenses include office rent, asset depreciation, audit fees, bank charges, and other miscellaneous office expenses.

Cost of Goods Sold (COGS)

The cost of goods sold is the cost of the products that a retailer, distributor, or manufacturer has sold. It is the amount of money spent by a company on its labor, materials, and overheads to manufacture/purchase products of the goods that are sold to customers during the year.

COGS = Total cost of production + Opening stock of the Finished goods – Closing stock of the finished goods.

Sales Costs

Sales Costs are the direct and indirect expenses for selling and distribution of produced goods. These expenses include commissions, salaries of sales staff, traveling expenses, advertisement, delivery expenses, sales tax, bad debts, etc.

Cost Sheet Template

We have created an easy to use Cost Sheet Template with predefined formulas. Just by entering data you can estimate or calculate your cost with the help of this template.

Important Note: To edit and customize the Google Sheet, save the file on your Google Drive by using the “Make a Copy” option from the File menu.

Additionally, you can download other Financial Analysis Templates like Business Net Worth Calculator, Sales Revenue Analysis Template, Break-Even Analysis, etc.

Let’s discuss the template contents in detail.

Contents of Cost Sheet Template

Cost Sheet template consists of six major sections:

1. Prime Cost
2. Factory or Works Cost
3. Production Cost
4. Cost of Good Sold (COGS)
5. Cost of Sales and
6. Total Sales

Prime Cost

Prime cost represents the aggregate of the cost of material consumed, productive wages, and direct expenses.

Thus, Prime Cost = Direct material + Direct Wages + Direct expenses

Where;

Direct material = Material purchased + Opening stock of material – Closing stock of material.

Factory Cost or Works Cost

The factory overheads consist of the cost of indirect material, indirect wages, and indirect expenses incurred in the factory.

Factory cost is also known as works cost, production, or manufacturing cost.

Hence, Factory Cost = Prime cost + Factory overheads.

Where;

Factory Overheads = Rent + Salaries + Depreciation + Other Factory related expenses.

In the process of production, some units remain to be completed at the end
of a period. These incomplete units are known as work-in-progress.

Hence, at the time of computing factory cost, it is necessary to adjust the opening and closing stock of work in progress.

Cost of Production

Adding Office and administrative overheads to the factory cost or work cost gives you the total cost of production.

Cost of Production = Factory Cost + office and administration overheads.

Where;

Office Overheads = Administration and other office related charges which will include Rent, Office expenses, General Charges, etc.

Cost of Goods Sold (COGS)

All the goods that a unit produces aren’t sold in the same period.

Usually, we have stock of finished goods in the opening and at the end of the period.

Add the cost of opening stock of finished goods to the total cost of production in the current period. Furthermore, deduct the cost of closing stock of finished goods from it.

COGS = Total cost of production + Opening stock of the Finished goods – Closing stock of the finished goods.

Cost of Sales

Adding the selling and distribution overheads to the COGS will give you the Cost of Sales.

Cost of Sales= Cost of Goods sold + Selling and distribution overheads.

Sales

Excess of sales over total cost is termed as profit. When total cost exceeds sales, it is termed as Loss. Add the profit margin is to the total cost. It derives the Sales figure.

Sales = Total Cost + Profit.

Advantages of Cost Sheet

• It provides a complete breakup of production costs that helps the business to curb unnecessary expenses.
• The cost sheet helps to fix the selling price.
• A cost sheet also helps the management to decide its production policy.
• It assists the management in submitting price quotations to its clients as well as preparing estimates for tenders.
• It helps to define the total cost of production and also cost per unit.

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If you have any queries or questions, share them in the comments below and I will be more than happy to help you.

Frequently Asked Questions

How is the prime cost calculated?

Prime cost is the sum of all the cost of production that a business incurs directly in regards to the manufacture of goods.

Which expenses are included in the direct costs?

Direct costs include expenses such as software, equipment, and raw materials. It can also include labor that is related to a specific product, department, or project.

What are the overhead costs?

Overhead costs refer to the ongoing business expenses not directly related to the production of a product or service. In simple terms, they are expenses that a company incurs to support the business.

Are bad debts included in the cost sheet?

Yes, bad debts are included in the Cost sheet. They are treated as selling overheads.

Is sales tax included in the cost sheet?

Yes, sales tax is a part of the cost sheet. You need to include taxes like Sales tax, excise duty, customs duty to the Cost of Material. Moreover, Income Tax is a Financial liability and thus is not included in the Cost Sheet.

What are the items excluded from the cost sheet?

• Company’s Income tax or advance tax.
• Dividends paid to shareholders.
• Discounts on issues of shares and debentures.
• Underwriting commission payment made.
• Capital losses of the business.
• Expenses related to the purchase of fixed assets by the company.
• Losses made on the sale of fixed assets by the company.
• Interest on capital.

How do you calculate the cost per unit sheet?

To calculate the cost per unit, divide the total cost of production by the number of units produced.

Cost Sheet Template Microsoft: software, free download Windows 7

A cost benefit analysis weighs the pros and cons, or benefits and costs, of a project or decision in order to determine its feasibility or to compare alternatives. This can be especially helpful for weighing decisions that have calculable financial risks and rewards, or when you need a quick way to evaluate a new initiative. In addition to comparing multiple projects or deciding whether a project is a sound investment, a cost benefit analysis can provide valuable information when it comes time to actually implement a project. Understanding a project’s costs and benefits can help determine appropriate objectives, accurately estimate the needed resources (and associated costs), and inform your methods for measuring project success.

Cost benefit analysis has enjoyed a long history. First created in the 1840s by French economist and engineer Jules Dupuit, it was widely used to measure the value of different projects (especially government projects related to public policy and infrastructure). Today, a cost benefit analysis is suitable for any business setting, but the method is not without flaws. The more tangible the costs and benefits, the more likely it will be to get an accurate analysis. It may be easier to assign monetary values to costs than benefits since revenues can be hard to predict, and intangible benefits - such as increased customer satisfaction or an enhanced business reputation - may have subjective values. An analysis could also be influenced by project supporters who may be looking for data that will back up taking on a project.

While using a cost benefit analysis can be a useful tool in determining the feasibility of a project, creating one can be a bit overwhelming. To get you started, we’re providing a collection of cost benefit analysis templates in the Microsoft Word and Excel formats that you can download for free. We’ve also included customizable cost benefit analysis templates in Smartsheet, a real-time work execution platform that empowers you to better plan, track, and report on project details.

Conducting a Cost Benefit Analysis

Depending on the length and type of project, a cost benefit analysis may also need to account for costs and revenues that occur over periods of time and take into consideration how monetary values change over time. This can be done by calculating the Net Present Value (NPV), which measures a project’s profitability by comparing the present outgoing cash flows to the present value of future cash inflows. In other words, once the monetary values for all costs and benefits for a project have been determined, a discount rate can be applied in order to convert future cash flow estimates to today’s value. Calculating NPV as part of a cost benefit analysis can help account for inflation and lost return on investment (the amount of money spent on a project that could have been invested elsewhere).

There are three primary steps involved in performing a cost benefit analysis: identifying costs, identifying benefits, and comparing both. Here’s a closer look at each stage of the process.

1. Identifying Costs - Begin by brainstorming all potential costs, which may include equipment, payroll, training, travel costs, licenses, and other monetary expenses. You should also consider non-monetary costs such as those related to productivity or risks and uncertainties that could affect project outcomes or your business. Ultimately, all costs need to be assigned a monetary value in order to complete the cost benefit analysis. Your project may require one-time costs related to investment or operational expenses as well as recurring costs over the project lifecycle and beyond. All monetary values for costs occurring over time should be calculated in present value terms in order to create estimates that are as accurate as possible. You may also want to consider what the costs may be if you choose not to undertake the project or if the project fails.
2. Identifying Benefits - As stated earlier, it can be hard to determine accurate revenue projections, and certain intangible benefits may not have clear monetary values, so this step can be more challenging than identifying and monetizing costs. Benefits can range from direct profits and increased production to enhanced employee satisfaction or reduced environmental impact. As with costs, the values assigned to benefits also need to be shown in present value terms for a more accurate analysis.
3. Comparing Costs and Benefits - Once you have listed all the costs and benefits, you can compare the totals to see if the costs outweigh the benefits or vice versa. If the two totals are equal or very close, you may need to check your calculations, make sure no costs or benefits have been overlooked, and conduct a revised analysis. As you compare costs and benefits, consider how long it will take for the benefits to repay the costs. In addition to considering the difference between total cash flows, this timeframe may also inform your decision of whether a project is a sound investment, or not worth the time and resources.

Once you have completed your analysis, you can use the information to make a recommendation to either move forward with a project or choose an alternative, and create a plan of action that will support business objectives.

In the next section you’ll find cost benefit analysis templates in Microsoft Excel and Word formats that can be downloaded for free. These templates provide a starting point for developing your analysis and can be edited as needed. Smartsheet also offers a cost benefit analysis template with enhanced collaboration features and additional benefits, or you can create your own template to fit your needs. Find out more about Smartsheet options below.

Simple Cost Benefit Analysis Template for Excel

This cost benefit analysis template provides a simple spreadsheet for listing and calculating recurring and nonrecurring costs, plus revenues and other benefits. The template will calculate totals per year and over the course of five years. For a quick comparison, the second sheet in the template shows total amounts for each type of cost and benefit listed in the first sheet.

Download Simple Cost Benefit Analysis Template

Excel | Smartsheet

IT Project Cost Benefit Analysis Template for Excel

This project cost benefit analysis template was designed with IT in mind, and includes sheets for creating comprehensive lists of costs and benefits over several years, analyzing projected cash flows, and comparing alternatives. Create a detailed cost benefit analysis that takes the entire project lifecycle into consideration to guide your decision and project-planning process. You can modify the template to suit the needs of your particular analysis.

Download IT Project Cost Benefit Analysis Template

Excel | Smartsheet

Cost Benefit Analysis Dashboard Template for Excel

Get an easy-to-read dashboard view of your cost benefit analysis with this visual report. Data is represented in a spreadsheet format as well as graphically, which is especially useful if you’re using the cost benefit analysis as part of a presentation. You can use this template to list costs and benefits over time and help determine the net present value (NPV) of a project.

Cost Benefit Analysis Outline Template for Word

If you need a comprehensive cost benefit analysis report in Word format, this template provides a detailed outline with tables for listing figures. You can edit the outline to include information that is pertinent to your analysis, such as an introduction and description of the project or alternatives being considered, assumptions and constraints, particular costs and benefits that need to be highlighted, and recommendations based on the results of the analysis

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‌ Download Cost Benefit Analysis Outline Template

Basic Cost Benefit Analysis Chart for Word

This chart can be used to rank costs and benefits of potential actions. List actions or decisions you are considering in the first column, and then describe the costs and benefits associated with each. Assign a rank to each option based on the total costs and benefits listed, and then compare those ranks to see to what degree the benefits outweigh the costs. This is a simple way of comparing and prioritizing options.

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Cost Sheet Template Microsoft: software, free downloads

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Cost Sheet Template Microsoft: software, free download Windows 10