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Cost Accounting

Cost Accounting

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Published by tom george
a few sums to practice to get a hold on basics of cost accoutnig
a few sums to practice to get a hold on basics of cost accoutnig

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Published by: tom george on Jul 08, 2009
Copyright:Attribution Non-commercial

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04/04/2013

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COST ACCOUNTINGCOST SHEET PROBLEMS:1. From the following particulars prepare cost sheet:Direct materials Rs.8000Direct Wages Rs.6000Direct Expenses Rs.2500Administrative Overheads Rs.4000Factory Overheads Rs.5000Sales Rs.400002. From the following particulars prepare a statement showinga. Raw materials consumed b. Prime Cost c. Works Cost d. Cost of Productione. Profit.1.1.06 31.1.06Rs. Rs.Raw materials 20,000 32,000Work-in-progress 26,500 14,000Purchase of raw materials 90,000Carriage inwards 2,000Direct wages 40,000Chargeable expenses 15,000Works overheads 22,500Administrative overheads 10,000Selling & distribution overheads 14,000Sales 2,20,0003. Calculate the cost of raw materials purchased from the following data.Rs.Opening stock of raw materials 20,000Closing stock of raw materials 30,000Expenses on purchases 10,000Direct wages 50,000Prime Cost 1,50,0004. Prepare a statement of cost and profit from the following data.Rs.Opening stock of raw materials 10,000Purchases of raw materials 40,000Materials returned to supplier 2,000Closing stock of raw materials 8,000Direct wages 20,000
 
Works on cost 25% on wagws; office on cost 20% on works cost: selling on cost 10%on works cost; profit 10% on cost.5. In a factory, a standard product is manufactured.From the followingparticulars,prepare a cost sheet showing total cost and profit made.Raw materials consumed 30,000Labour 60,000Works overhead is charged @ 40% of works cost and office overhead is taken @ 20%on total cost. The standard product sold during the period is 180 units @ rs.1,200 each6. In a factory,two types of fans are produced namely,popular and proxy. Ascertain thecost and profit per unit sold from the following particulars.Popular ProxyRs. Rs.Material 8,200 9,450Labour 4,450 4,900Works overhead is 60% of labour and office overhead is 20% on works cost. The sellingexpenses per fan sold is re.1 .The selling price of popular fan is rs.275 and proxy fan isrs.400.40 units of popular and 50 units of proxy are sold. There is no opening or closing stock or closing stock.7. The following data relate to the manufacture of a product during the month of April:Raw materials consumed Rs.80,000Direct wages Rs. 48,000Machine hours worked 8,000Machine hour rate Rs.4Office overhead 10% on works costSelling overhead Rs.1.50 per.unitUnits produced 4,000Unit sold 3,600 at Rs.50 each.Prepare a cost sheet and show a)Cost per unit and b)profit for the period.8. The accounts of Z Manufacturing Company for the year ended December,2007 showthe following: Rs.Factory Office Salaries 6,500General office Salaries 12,600Carriage outward 4,300Carriage on Purchases 7,150Bad debts written off 6,500Repairs of Plant,Machinery and Tools 4,450Rent,Rates,Taxes & Insurance:Factory 8,500Office 2,000Sales 4,61,100
 
Materials purchased 1,85,000Travelling Expenses 2,100
Traveller’s Salaries & Commission
7,700Productive Wages 1,26,000Depreciation:Plant, Machinery & Tools 6,500Furniture 300
Director’s Fees 6,000
 Gas and water --- Factory 1,200---Office 400Stock of Materials :31
st
Dec.2006 62,80031
st
Dec.2007 48,000Income Tax 500
Manager’s salary(3/4
factory and 1/4 office) 10,000General Expenses 3,400Dividend 1,000Prepare statement giving the following information:a. Materials consumed b.Prime Cost c.Factory Cost d.Cost of Production e.Total Costf. Net Profit..9. The modern manufacturing company submits the following information on 31
st
 March 2005:Rs. Rs.Sales for the year 2,75,000Inventories at the beginning of the year:Finished goods 7,000Work-in-progress 4,000Purchase of materials for the year 1,10,000Materials Inventory:At the beginning of the year 3,000At the end of the year 4,000Direct labour 65,000Factory overhead 60% of the direct labour costInventories at the end of the year:Work in progress 6,000Finished goods 8,000Other expenses for the year:Selling expenses 10% of salesAdministrative expenses 5% of salesPrepare a statement of cost and profit.

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