The problem involves comparing the volumes of a cube and a cylinder derived from the same surface area.
Step 1: Surface area of the sheet
\[
\text{Area of sheet} = 54 \times 4 = 216 \, \text{cm}^2
\]
This area is given as the surface area of the cube.
Step 2: Side of the cube
Let the side of the cube be \(a\). The surface area of a cube is:
\[
6a^2 = 216
\]
\[
a^2 = \frac{216}{6} = 36 \quad \implies \quad a = 6 \, \text{cm}.
\]
Hence, the volume of the cube is:
\[
\text{Volume of cube} = a^3 = 6^3 = 216 \, \text{cm}^3.
\]
Step 3: Radius of the cylinder
The same surface area is used to form a cylinder. The surface area of the cylinder includes the lateral surface area and the areas of the two circular bases:
\[
\text{Circumference of top and bottom circles} = 4 \quad \text{(from the lateral surface)}.
\]
The circumference is given by:
\[
2 \pi R_c = 4 \quad \implies \quad R_c = \frac{2}{\pi}.
\]
Step 4: Volume of the cylinder
The volume of the cylinder is:
\[
\text{Volume of cylinder} = \pi R_c^2 h,
\]
where \(h = 54 \, \text{cm}\) (height of the cylinder). Substituting \(R_c = \frac{2}{\pi}\):
\[
\text{Volume of cylinder} = \pi \left( \frac{2}{\pi} \right)^2 \times 54 = \pi \cdot \frac{4}{\pi^2} \cdot 54 = \frac{4 \cdot 54}{\pi} = \frac{216}{\pi} \, \text{cm}^3.
\]
Step 5: Ratio of volumes
The ratio of the volumes of the cylinder to the cube is:
\[
\text{Ratio} = \frac{\text{Volume of cylinder}}{\text{Volume of cube}} = \frac{\frac{216}{\pi}}{216} = \frac{1}{\pi}.
\]
Final Answer:
\[
\boxed{\frac{1}{\pi}}
\]