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    Cost Sheet

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    PRODYOT SINHA

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    © All Rights Reserved
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    Cost Sheet

    Uploaded by

    PRODYOT SINHA
    17 views3 pages

    Original Title

    Cost Sheet (2)

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    17 views3 pages

    Cost Sheet

    Uploaded by

    PRODYOT SINHA

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    COST SHEET

    1.The following particulars are extracted from the books of a company relating to
    commodity Alpha for the half-year ending 30th June 2009.
    Purchase of raw materials Rs.1, 30,000
    Direct wages 1,00,000
    Rent, rates, insurance and works on cost 45,000
    Carriage inwards 1,500
    Stock on 1-1-2009
    Raw materials 20,000
    Finished products (1,600 tonnes) 17,600
    Stock on 30-6-2009
    Raw materials 25,000
    Finished products (3,200 tonnes) 37,600
    Work-in-progress on 1-1-2009 4,500
    Work-in-progress on 30-6-2009 16,000
    Factory supervision 10,000
    Sales – Finished products 3,00,000
    Advertising discount allowed and selling cost at Re.0.50 per tonne sold.
    25,000 tonnes of commodity was sold during the period.
    You are required to ascertain:
    i. Prime Cost
    ii. Factory Cost
    iii. Cost of Sales
    iv. Profit
    v. No. of tonnes of the commodity sold.

    Solution
    Cost Sheet of Commodity Alpha for the Period Ending 30-6-2009
    Particulars Rs. Rs.
    Rs.
    Raw materials:
    Opening stock 20,000
    Add: Purchases 1,30,000
    1,50,000
    Less: Closing stock 25,000
    1,25,000
    Add: Carriage inwards 1,500
    Material consumed 1,26,500
    Direct wages 1,00,000
    Prime cost 2,26,500
    Rent, rates, insurance and works on cost 45,000
    Factory supervision 10,000 55,000
    Gross Factory Cost 281500
    Add: Opening Work-in-progress 4,500
    2,86,000
    Less: Closing Work-in-progress 16,000
    Net Factory Cost 2,70,000
    Opening stock of finished goods (1,600 tonnes) 17,600
    2,87,600
    Less: Closing stock of finished goods (3,200 tonnes) 37,600
    Cost of goods sold 2,50,000
    Add: Advertising and selling cost @ Re.0.50 per tonnes
    on 25,000 tonnes
    12,500
    Cost of sales 2,62,500
    Profit 37,500
    Sales 3,00,000

    2. The following information has been obtained from the records of ABC LTD. from 1st January’ 13 to 30 June’
    13.

    1st Jan’ 2019 30th June’2019

    Cost of raw material 60,000 50,000

    Cost of work-in-progress 24,000 30,000

    Cost of finished goods 1,20,000 1,10,000

    Purchase of raw material 9,00,000

    Direct wages 4,60,000

    Factory overhead 1,84,000

    Adm. Overhead 60,000

    Selling & Distribution overhead 40,000

    Sales 18,00,000

    Calculate material consumed, Factory Cost & Total cost.

    Answer:

    Cost Sheet for the period from 1st Jan ’19 to 30th June ’19

    Op. Stock of Raw materials 60,000

    Add: Purchase of Raw materials 9,00,000

    9,60,000

    Less: Closing stock of Raw materials 50,000

    Raw Materials Consumed 9,10,000

    Add: Direct wages 4,60,000

    Prime Cost 13,70,000


    Add: Factory Overhead 1,84,000

    Gross Factory Cost 15,54,000

    Add: Opening Work in Progress 24,000

    15,78,000

    Less: Closing Work in Progress 30,000

    Net Factory Cost/Cost of goods manufactured 15,48,000

    Add: Administrative Overhead 60,000

    Cost of goods sold 16,08,000

    Add: Opening stock of Finished goods 1,20,000

    17,28,000

    Less: Closing stock of Finished goods 1,10,000

    Cost of production 16,18,000

    Add: Selling and Distribution Overhead 40,000

    Cost of sales (Total Cost) 16,58,000

    Profit (Balancing figure) 1,42,000

    Sales 18,00,000

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