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Cost Sheet

Cost Sheet

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Published by Aishwary Sakalle

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Published by: Aishwary Sakalle on Jul 16, 2010
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10/25/2012

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Tax Shield Education Pvt. Ltd. Cost Accounting-
Cost Sheet (
 
including Job & Unit Costing
)
 
1.
The following figure for the month of April, 2004 were extracted from the records of a factoryOpening stock of Finished Goods (5,000 units) Rs. 75,000Purchase of Raw Materials 12,57,100Direct Wages 10,05,000Factory Overhead 100% of Direct WagesAdministration Overhead Re. 20 per unitSelling & Distribution Overhead 10% of SalesClosing stock of Finished Goods (1000 units) ?Sales (45,000 units) Rs. 36,60,000Prepare a cost sheet assuming that sales are made on the basis of “First-in first-out” principle.
2.
A factory can produce 60,000 units per annum at its optimum (100%) capacity. The estimatedcosts of production are as under :Direct materialRs. 30 per unit.Direct labourRs. 25 per unit.Indirect Expenses:FixedRs. 4,50,000 per annumVariableRs. 15 per unitSemi-variableRs. 3,50,000 per annum up to 50% capacity and anextra expenses of Rs.92,000 for every 25% increasein capacity or part thereof.The factory produces only against orders (and not for own stock).If the production programme of the factory I as indicated below and the management desires toensures a profit or Rs. 2,50,000 for the year work out the average selling price at which each unitshould be quoted: First 4 months of the year: 50% of capacity; remaining months at 80% of capacity.
3.
The Modern Manufacturing Company submits the following information on 31
st
March, 2004:Sale for the yearRs.2,75,000Inventories at the beginning of the year:Finished Goods7,000Work in progress4,000Purchase of materials for the year were 1,10,000Materials inventories:At the beginning of the year 3,000At the end of the year4,000Direct labour 65,000Inventories at the end of the year:Work in progress6,000Finished goods8,000Other expenses for the Travelling expenses 10% of salesAdministrative expenses 5% of salesPrepare a statement of cost.
1
 
Tax Shield Education Pvt. Ltd. Cost Accounting-
4
. Honesty Engineering Works has machining shop in which it manufacture two Auto parts P1 andP2 out of forgings F1 and F2 respectively.For the quarter ending December, 2004, following cost data are available :Rs.Consumption of Raw Materials - F11,50,000F22,00,000Wages and Salaries1,53,000Stores & Spares 12,000Repairs & Maintenance 15,000Power 16,000Insurance 8,000Depreciation 50,000Factory Overheads 68,000Administrative Overheads 64,400Distribution Overheads 75,000Total Cost8,11,400You are given following further information :(I)Production and Sale of P1 and P2 were as under :P1 P2Production (Pieces) 6,000 4,000Sale of above pieces (Rupees)4,80,0005,20,000(ii)Direct wages paid were Rs. 36,000 in case of P1 and Rs. 32,000 for P2. This basis isused for apportioning Wages and Salaries and Factory Overheads.(iii)Following machine hours were utilised in production of these products :P1550 ;P2450(iv)Stores & Spares, Repairs & Maintenance, Power, Insurance and Depreciation arecharged to cost of both the products on the basis of machine hours used.(v)Administrative overheads are apportioned on the basis of respective conversion costswhile Distribution overheads on the basis of their sales realisation.All the production was sold out.Required : Prepare cost sheets of both the products and work out profit earned on each of them.
5.
The cost structure of an article, the selling price of which is Rs. 25,000 is follows :Direct Material: 50% of the Total costDirect Labour: 30% of the Total costOverhead: BalanceDue to anticipated increase in existing material price by 25% and in the existing labour rate by10%, the existing profit would come down by 20% if the selling price remains unchanged.Prepare a comparative statement showing the cost, profit and sale price under the presentconditions and with the increase expected for future, assuming the same percentage of profit oncost as at present (calculations may be made to the nearest rupee) had to be earned.
2
 
Tax Shield Education Pvt. Ltd. Cost Accounting-
6.
The following figures are extracted on the Trial Balance of Go-getter Company on 30
th
September, 2004 :Inventories : Rs.Finished Stock 80,000Raw Materials 1,40,000Work-in-Process 2,00,000Office Appliances 17,400Plant & Machinery 4,60,500Buildings 2,00,000Sales 7,68,000Sales Return and Rebates 14,000Materials Purchased 3,20,000Freight incurred on Materials 16,000Purchase Returns 4,800Direct Labour 1,60,000Indirect Labour 8,000Factory Supervision 10,000Repairs and Upkeep-Factory 14,000Heat, Light and Power 65,000Rates and Taxes 6,300Miscellaneous Factory Expenses 18,700Sales Commission 33,600Sales Travelling 11,000Sales Promotion 22,500Distribution Dept.-Salaries and Expenses 18,000Office Salaries and Expenses 8,600Interest on Borrowed Funds 2,000Further details are available as follows :(I)Closing inventories :Finished Goods 1,15,000Raw Materials 1,80,000Work-in-Process 1,92,000(ii)Accrued Expenses on :Direct Labour 8,000Indirect Labour 1,200Interest on Borrowed Funds 2,000(iii)Depreciation provided on :Office Appliances 5%Building 10%Plant & Machinery12%(iv)Distribution of the following costs :Heat, Light and Power to Factory, Office and Distribution in the ratio 8 : 1 : 1.Rates and Taxes two-third to Factory and one-third to Office.Depreciation on Buildings to Factory, Office and Selling in the ratio 8 : 1 : 1.(I)With the help of the above information, you are required to prepare a cost sheet & acondensed Profit and Loss Statement of Go-getter Co. for the year ended 30
th
September, 2001.
3

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