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    Test Cost Sheet

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    This document contains 5 questions from a cost accounting test paper. Question 1 provides production data and asks to prepare a cost sheet showing cost per unit and profit for the month. Question 2 provides financial data for a company and asks to calculate raw materials consumed, prime cost, factory cost, cost of goods sold, and net profit. Question 3 provides additional production data and asks to calculate materials purchased and prepare a cost statement. Question 4 provides extensive production and financial data and asks to prepare a monthly cost sheet. Question 5 provides prior year production costs and estimates for the current year, and asks to prepare a cost statement showing total profit and selling price per unit.

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    Test Cost Sheet

    Uploaded by

    It's Me
    37 views3 pages
    This document contains 5 questions from a cost accounting test paper. Question 1 provides production data and asks to prepare a cost sheet showing cost per unit and profit for the month. Question 2 provides financial data for a company and asks to calculate raw materials consumed, prime cost, factory cost, cost of goods sold, and net profit. Question 3 provides additional production data and asks to calculate materials purchased and prepare a cost statement. Question 4 provides extensive production and financial data and asks to prepare a monthly cost sheet. Question 5 provides prior year production costs and estimates for the current year, and asks to prepare a cost statement showing total profit and selling price per unit.

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    Test Cost Sheet

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    Test Cost Sheet

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    This document contains 5 questions from a cost accounting test paper. Question 1 provides production data and asks to prepare a cost sheet showing cost per unit and profit for the month. Question 2 provides financial data for a company and asks to calculate raw materials consumed, prime cost, factory cost, cost of goods sold, and net profit. Question 3 provides additional production data and asks to calculate materials purchased and prepare a cost statement. Question 4 provides extensive production and financial data and asks to prepare a monthly cost sheet. Question 5 provides prior year production costs and estimates for the current year, and asks to prepare a cost statement showing total profit and selling price per unit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views3 pages

    Test Cost Sheet

    Uploaded by

    It's Me
    This document contains 5 questions from a cost accounting test paper. Question 1 provides production data and asks to prepare a cost sheet showing cost per unit and profit for the month. Question 2 provides financial data for a company and asks to calculate raw materials consumed, prime cost, factory cost, cost of goods sold, and net profit. Question 3 provides additional production data and asks to calculate materials purchased and prepare a cost statement. Question 4 provides extensive production and financial data and asks to prepare a monthly cost sheet. Question 5 provides prior year production costs and estimates for the current year, and asks to prepare a cost statement showing total profit and selling price per unit.

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    © All Rights Reserved
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    You are on page 1of 3

    Bharadwaj Institute Private Limited

    Paper – 8 “Cost Accounting” - Test Paper – 2: Cost Sheet


    Total Mark: 40 Mark Time: 2 hours
    1. The following data relates to the manufacture of a standard product during the month
    of April:
    Particulars (Amount)
    Raw materials ₹1,80,000
    Direct Wage ₹90,000
    Machine hours worked (hours) 10,000
    Machine hour rate (per hour) ₹8
    Administration overheads (general) ₹35,000
    Selling overheads (per unit) ₹5
    Units produced 4000
    Units sold 3600
    Selling price per unit ₹125
    You are required to PREPARE a cost sheet in respect of the above showing:
    i. Cost per unit
    ii. Profit for the month 8 Mark
    2. The following information has been obtained from the records of ABC Corporation for
    the period from June 1 to June 30

    On June 1 On June
    (₹) 30 (₹)
    Cost of raw materials 60,000 50,000

    Cost of work-in-process 12,000 15,000


    Cost of stock of finished goods 90,000 1,10,000
    Purchase of raw materials during June 2020 4,80,000
    Wages paid 2,40,000
    Factory overheads 1,00,000
    Administration overheads (related to production) 50,000
    Selling & distribution overheads 25,000
    Sales 10,00,000
    PREPARE a statement giving the following information:
    a. Raw materials consumed;
    b. Prime cost;
    c. Factory cost;
    d. Cost of goods sold; and
    e. Net profit.
    10 Mark

    Mohammad Asthaf Anathan FCMA, CS Page 1 of 3


    3. The books of Adarsh Manufacturing Company present the following data for the
    month of April:
    Direct labour cost ₹ 17,500 being 175% of works overheads.
    Cost of goods sold excluding administrative expenses ₹ 56,000.
    Inventory accounts showed the following opening and closing balances:
    April 1 April 30
    Raw Materials 8000 10600
    WIP 10500 14500
    Finished goods 17600 19000
    Other data are;
    ₹
    Selling expenses 3,500
    General and administration expenses 2,500
    Sales for the month 75,000
    You are required to:
    i. FIND out the value of materials purchased
    ii. PREPARE a cost statement showing the various elements of cost and also the
    profit earned. 6 Mark
    4. From the following particulars, you are required to PREPARE monthly cost sheet of
    Aditya Industries:

    Amount (₹)

    Opening Inventories:
    - Raw materials 12,00,000
    - Work-in-process 18,00,000
    - Finished goods (10,000 units) 9,60,000
    Closing Inventories:
    - Raw materials 14,00,000
    - Work-in-process 16,04,000
    - Finished goods ?
    Raw materials purchased 1,44,00,000
    GST paid on raw materials purchased (ITC available) 7,20,000
    Wages paid to production workers 36,64,000
    Expenses paid for utilities 1,45,600
    Office and administration expenses paid 26,52,000
    Travelling allowance paid to office staffs 1,21,000
    Selling expenses 6,46,000

    Mohammad Asthaf Anathan FCMA, CS Page 2 of 3


    Machine hours worked- 21,600 hours
    Machine hour rate- ₹ 8.00 per hour
    Units sold- 1,60,000
    Units produced- 1,94,000
    Desired profit- 15% on sales 10 Mark
    5. The following are the costing records for the year 2022 of a manufacturer: Production
    10,000 units; Cost of Raw Materials ₹ 2,00,000; Labour Cost ₹ 1,20,000; Factory
    Overheads ₹ 80,000; Office Overheads ₹ 40,000; Selling Expenses ₹ 10,000, Rate of
    Profit 25% on the Selling Price. The manufacturer decided to produce 15,000 units in
    2022. It is estimated that the cost of raw materials will increase by 20%, the labour
    cost will increase by 10%, 50% of the overhead charges are fixed and the other 50%
    are variable. The selling expenses per unit will be reduced by 20%. The rate of profit
    will remain the same. Prepare a Cost Statement for the year 2022 showing the total
    profit and selling price per unit 6 Mark

    Mohammad Asthaf Anathan FCMA, CS Page 3 of 3

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