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Cost Sheet Problems

The document provides costing information for a manufacturing company for the month of January 2006. It lists opening and closing stock amounts of raw materials and finished goods as well as purchases, production wages, overhead charges, goods sold, and other expenses. The summary provides a 3 sentence cost sheet analyzing the cost of materials, prime cost, work cost, cost of production, and net profit based on the information given.

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3K views

Cost Sheet Problems

The document provides costing information for a manufacturing company for the month of January 2006. It lists opening and closing stock amounts of raw materials and finished goods as well as purchases, production wages, overhead charges, goods sold, and other expenses. The summary provides a 3 sentence cost sheet analyzing the cost of materials, prime cost, work cost, cost of production, and net profit based on the information given.

Uploaded by

shamila
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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EXERCISE PROBLEMS

1.From the following particulars of amanufacturing company prepare a statement showing


Cost of materials, Prime cost, Workcost , Cost of production, Net Profit

Stock of raw materials on 1st Jan 2006 20,000


Purchase of material in January 5,50,000
Stock of finished goods 1st Jan 2006 25,000
Productive wages 250,000
Finished goods sold 12,00,000
Works overhead charges 75,000
Office and general expenses 50,000
Stock of raw materials 31st Jan 2006 70,000
Stock of finished goods 31st Jan 2006 30,000

1.
Cost Sheet of Manufacturing Company
Opening stock of raw materials 20,000
Add: Purchases 5,50,000
5,70,000
Less Closing Stock of raw material 70,000
Direct material consumed 5,00,000
+Productive wages 2,50,000
Prime Cost 7,50,000
+ Factory/Works Overhead 75,000
Gross Factory Cost 8,25,000
+ Office/Administrative Overhead 50,000
Cost of Production 8,75,000
+ opening stock of finished goods 25,000
9,00,000
-Closing stock of finished goods 30,000
Cost of sales 8,70,000
Profit 3,30,000
Sales 12,00,000

1. Material purchased 2,00,000, Wages 1,00,000 Direct


expenses 20,000 Opening stock of raw materials 40,000
closing stock of RM 60,000 . Factory O/H absorbed 20% of
wages Admin O/H 25% of WC Selling & distribution o/H 20%
COP profit 20% of sales
Cost Sheet

Opening stock of RM 40,000


+ Purchase of RM 2,00,000
2,40,000,

Closing Stock of RM 60,000

Raw material consumed


1,80,000
Wages
1,00,000
Direct Expenses
Prime Cost 20,000
+ Factory Overheads (20% of 1,00,000)
3,00,000
Works Cost
20,000
+ Administrative O/H 25% of 3,20,000
3,20,000
Cost of Production
80,000
+ Selling & Distribution O/H 20% of 4,00,000
4,00,000
Cost of Sales
80,000
Profit 20%
4,80,000
Sales
96,000
5,76,000

Sales =Sales %/Cost% xCost of sales

120/100x4,80,000=5,76,000

Pg2.68 35 thsum

Cost Sheet

Amt Amt
Raw Material 40,000

Direct Wages 24,000

Prime Cost 64,000

+Factory overheads

(4000 HrsxRs.2) 8,000

Factory/Works Cost 72,000

+Admin O/H (5%of72,000) 3,600

Cost of Production 75,600

+ Selling O/H (0.75x2000) 1500

Cost of Sales 77100

+Profit 2900
Sales (2000x40) 80,000

Pg.2.55 13th sum


From the the following particulars prepare cost sheet showing the Selling Price per unit
Raw material Rs.9100, Labour and other Direct expenses 4,000
Factory expenses 80% of labour and other direct expenses
Office overhead 10% of Works Cost selling and distribution overheads Rs.2 per unit sold Units
produced and sold 10,000
Profit 20% on selling price

Pg 2.67 33 sum

From the following extracts of costing information related to to commodity A for the half year

ending 31.12 2002. Prepare Cost Sheet

Purchase of raw materials 1,20,000


Works Overhead 48,000
Direct wages 1,00,000
Carriage on purchases 1,00,000
st
Stock(1 July 2002)
Raw material 20,000
Finished products(2000 tons) 16,000
Stock (31st Dec 2002)
Raw materials 22,240
Finished Products 32,000
Opening Work in Progress 4800
Closing Work in Progress 16,000
Sale of Finished Goods 3,00,000
Selling and distribution overheads re.1 per ton. 16,000 tons were produced and sold

13 Cost sheet

Raw material 9100


Labour & other direct expenses 4000

Prime Cost 13,100


+ Factory expenses (80%) 3200

WorksCost/ Factory cost 16300


+ Ofice/Admin O/h(10%) 1630
Cost of Production 17930
+ Selling and distribution overheads (10000x2) 20,000

Cost of Sales 37930

+ Profit(20% on sales) 7586

Sales 45516

Sales =Sales %/Cost% xCost of sales cost%=100 sales


%=100+20 =120%

Sales= 120/100 x37930 = 45516

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