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  • Problem Set 1 (Problem No-3) : Inventories As On 1.4.2012

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    The document provides a cost sheet for a manufacturing company for the year ending March 31, 2013. It details the company's sales, raw materials purchased, direct labor costs, and other expenses. It then calculates cost of goods sold, cost of production, gross profit and net profit for the year. The manufacturing company had total sales of Rs. 275,000 with a net profit of Rs. 24,300.

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    CMA_Assignment_15 Nov 2019_2

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    The document provides a cost sheet for a manufacturing company for the year ending March 31, 2013. It details the company's sales, raw materials purchased, direct labor costs, and other expenses. It then calculates cost of goods sold, cost of production, gross profit and net profit for the year. The manufacturing company had total sales of Rs. 275,000 with a net profit of Rs. 24,300.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    35 views1 page

    Problem Set 1 (Problem No-3) : Inventories As On 1.4.2012

    Uploaded by

    ankita
    The document provides a cost sheet for a manufacturing company for the year ending March 31, 2013. It details the company's sales, raw materials purchased, direct labor costs, and other expenses. It then calculates cost of goods sold, cost of production, gross profit and net profit for the year. The manufacturing company had total sales of Rs. 275,000 with a net profit of Rs. 24,300.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Problem Set 1 (Problem No- 3)

    Cost Sheet for Manufacturing Company


    Rs.
    Sales of the Year 275000
    Raw Materials Purchased 110000
    Direct Labour 65000
    Chargeable expenses 10000

    Inventories as on 1.4.2012
    Materials 3000
    WIP 4000
    FG 8000
    Inventories as on 31.3.2013
    Materials 4000
    WIP 6000
    FG 7000

    Direct Material Used (Material Purchased+ Opening Stock - Closing Stock) 109000
    Prime Cost (Direct Material + Direct Labour + Direct Expenses) 184000

    Other Expenses
    Factory Overhead (FOH) (50% of Direct Labour) 32500
    Gross Work Cost (Prime Cost + FOH) 216500
    Adjustment for Inventory
    (Add:Opening WIP ; Less: Closing WIP) -2000
    Net Work Cost 214500
    Non Manufacturing
    Administration overhead (10% of Workcost) 21450
    Cost of Production 235950
    Selling and Distribution overhead (5% of sales) 13750
    Adjustment for FG Inventory
    COG AFS (Add Opening) 21750
    COGS (Less Closing) 14750
    Cost of Sales (Cost of Production + Adjustment for FG) 250700
    Add: Profit Margin 24300
    275000

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