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Institute of Commerce

Accountancy by Harish Kumar (9910350435)

COSTSHEET
Question1 Prepare a cost sheet from the following data to find out profit and cost per unit Raw Material consumed Direct wages Factory overhead Rs 160000 Rs 80000 Rs 16000 Selling overheads Units produced Units sold Selling price Rs 100 per unit Rs 12000 4000 3600

Office overhead 10% of factory cost

Question2 The following details have been obtained from the cost records of comet paints limited Stock of raw materials on 1st sep 2005 Rs 75500 Stock of raw materials on 30th sep 2005 Rs 91500 Direct wages 52500 Indirect wages 2750 Sales 211000 Work in progress on 1st sep 2005 28000 Work in progress on 30th sep 2005 35000 Purchases of raw materials 66000 Factory rent rates and power 15000 Depreciation of plant and machinery 3500 Expenses on purchases 1500 Carriage outwards 2500 Advertising 3500 Office rent and taxes 2500 Travelers wages and commission 6500 Stock of finished goods on 1st sep 2005 54000 Stock of finished goods on 30th sep 2005 31000 Prepare a production account giving the maximum possible breakup of costs and profits Question3 The following budgeted cost information is available from the records of a manufacturing concern (Rs in lakhs) Direct materials Direct wages

Rz/27-28, Manas Kunj Road Uttam Nagar New Delhi-110059

Institute of Commerce

Accountancy by Harish Kumar (9910350435)

Rolling shop(120000 hours) 6 Milling shop(240000 hours) 14.4 20.4 Works overheads(allocation on labour hours) Rolling shop 9.6 Milling shop 28.8 38.4 Administration overhead 24 Selling overhead 28.8 Distribution overhead 14.4 The concern follows absorption method of costing. On the basis of above data prepare a schedule of overhead rates. The sales division of the concern required a cost estimated for a product for which following information are available 120 kg @ Rs 30 per kg 72 kg @ Rs 55 per kg 40 hours @ Rs 6per Direct labour rolling shop hour 70 hours @ Rs 5 per milling shop hour You are required to work out the cost estimated showing cost per unit using the above information and the overhead rates so computed Direct materials Materials X Materials Y Question4 The following information has been obtained from the records of ABC Corporation for the period from June 1 to June 30 1998 On June 1 1998 Rs 60000 12000 90000 On June 30 1998 Rs 50000 15000 110000 480000 240000 100000 50000 25000 1000000

Cost of raw materials Cost of work in progress cost of stock of finished goods Purchase of raw material during June 98 Wages paid Factory overhead Administration overhead Selling & distribution overhead Sales Prepare statements giving the following information 1. Raw material consumed 2. Prime cost 3. Factory cost

Rz/27-28, Manas Kunj Road Uttam Nagar New Delhi-110059

Institute of Commerce
4. Cost of goods sold and 5. Net profit

Accountancy by Harish Kumar (9910350435)

question5 The following data relates to the manufacture of a standard product during the month of April 1998 Raw material(Rs) 180000 Direct wages(Rs) 90000 Machine hour works(Hr) 10000 Machine hour rate(per hour) 8 Administration overhead 10% of work cost Selling overhead Rs 5 per unit Units produced 4000 Units sold 3600 Selling price per units(Rs) 125 You are required to prepare a cost sheet in respect of the above showing i. ii. Cost per unit of goods produced Profit for the month

Question6 Direct labour cost Rs 17500 being 175% works overheads. Cost of goods sold excluding administrative expenses Rs 56000.inventry accounts showed the following opening and closing balances 1-Apr 30-Apr Raw material 8000 10600 The books of adarsh manufacturing company present the following data for the month of April 1999 Work in progress 10500 14500 Finished goods 17600 19000 Other data are Selling expenses 3500 General and administration expenses 2500 Sales for the month 75000 You are required to Compute the value of material purchased Prepare a cost statements showing the various elements of cost and also the profit earned.

Rz/27-28, Manas Kunj Road Uttam Nagar New Delhi-110059