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  • Submitted By: Poushali Rudra MAKAUT Roll: 13600920044 Sec - A MBA - 24

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    Poushali Rudra
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    This document contains a student's answers to three questions regarding cost accounting calculations. For the first question, the student calculates prime cost by taking the opening stock of raw materials, purchases of raw materials, expenses on raw materials, closing stock of raw materials, direct wages, and direct expenses. For the second question, the student computes factory cost by taking into account raw materials consumed, direct wages, direct expenses, factory expenses, and opening and closing stocks of work in progress. For the third question, the student prepares a cost sheet showing calculations for raw materials used, prime cost, factory overhead, production cost, cost of goods sold, selling expenses, total cost, profit, and sales.

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    Assignment

    Original Title

    Assignment 2

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    This document contains a student's answers to three questions regarding cost accounting calculations. For the first question, the student calculates prime cost by taking the opening stock of raw materials, purchases of raw materials, expenses on raw materials, closing stock of raw materials, direct wages, and direct expenses. For the second question, the student computes factory cost by taking into account raw materials consumed, direct wages, direct expenses, factory expenses, and opening and closing stocks of work in progress. For the third question, the student prepares a cost sheet showing calculations for raw materials used, prime cost, factory overhead, production cost, cost of goods sold, selling expenses, total cost, profit, and sales.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    11 views3 pages

    Submitted By: Poushali Rudra MAKAUT Roll: 13600920044 Sec - A MBA - 24

    Uploaded by

    Poushali Rudra
    This document contains a student's answers to three questions regarding cost accounting calculations. For the first question, the student calculates prime cost by taking the opening stock of raw materials, purchases of raw materials, expenses on raw materials, closing stock of raw materials, direct wages, and direct expenses. For the second question, the student computes factory cost by taking into account raw materials consumed, direct wages, direct expenses, factory expenses, and opening and closing stocks of work in progress. For the third question, the student prepares a cost sheet showing calculations for raw materials used, prime cost, factory overhead, production cost, cost of goods sold, selling expenses, total cost, profit, and sales.

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    of 3

    MB 202

    Unit 3: Class Assignment-2

    Submitted By: Poushali Rudra


    MAKAUT Roll: 13600920044
    Sec – A; MBA - 24

    Q1: Calculate prime cost from the following information:-

     Opening stock of raw material = INR 2,50,000

     Purchased raw material = INR 15,00,000

     Expenses incurred on raw material = INR 1,00,000

     Closing stock of raw material = INR 4,50,000

     Wages = INR 9,52,000

     Direct expenses = INR 4,68,000

    Ans.

    PARTICULARS AMOUNT (INR)


    Opening Stock of RM 2,50,000
    (+) Purchase of RM 15,00,000
    (+) Expenses on RM 1,00,000
    (-) Closing Stock of RM (4,50,000)
    Raw Materials Consumed 14,00,000
    (+) Direct Wages 9,52,000
    (+) Direct Expenses 4,68,000
    Prime Cost 28,20,000

    Q2: Compute factory cost from the following details:-

     Raw material consumed = Rs 50,00,000

     Direct wages = Rs20,00,000

     Direct expenses = Rs 10,00,000

     Factory expenses 80% of direct wages

     Opening stock of work in progress = Rs 15,00,000


     Closing stock of work in progress = Rs 21,00,000

    Ans.

    PARTICULARS AMOUNT (INR) AMOUNT (INR)


    Raw Material Consumed 50,00,000
    (+) Direct Wages 20,00,000
    (+) Direct Expenses 10,00,000
    Prime Cost 80,00,000
    (+) Factory Expenses [80% * 20,00,000] 16,00,000
    (+) Opening Stock WIP 15,00,000
    (-) Closing Stock of WIP (21,00,000)
    To 10,00,000
    Work Cost/Net Factory Cost 90,00,000

    Q3: Prepare cost sheet from the following particulars:

     Raw material purchased = Rs. 2,40,000

     Paid freight charges = Rs 20,000

     Wages paid to laborers = Rs 70,000

     Directly chargeable expenses = Rs 50,000

     Factory on cost = 20% of prime cost

     General and administrative expenses = 4% of factory cost

     Selling and distribution expenses = 5% of production cost

     Profit 20% on sales

    Opening stock (Rs.) Closing stock (Rs.)

    Raw material 30,000 40,000

    Work in progress 35,000 48,000

    Finished goods 40,000 55,000

    Ans:

    PARTICULARS AMOUNT (INR) AMOUNT (INR)


    Opening Stock of RM 30,000
    (+) Purchase of RM 2,40,000
    (+) Freight Charges Paid 20,000
    (-) Closing Stock of RM (40,000)
    Raw Material Consumed 2,50,000
    (+) Wages Paid to Labour 70,000
    (+) Directly Chargeable expenses 50,000
    Prime Cost 3,70,000
    (+) Factory on Cost (20% * 3,70,000) 74,000
    (+) Opening Stock of WIP 35,000
    (-) Closing Stock of WIP (48,000)
    Factory Cost 4,31,000
    (+) Office and Administrative Charges (4% * 4,31,000) 17,240
    Production Cost 4,48,240
    (+) Opening Stock of Finished Goods 40,000
    (-) Closing Stock of Finished Goods (55,000)
    Cost of Goods Sold 4,33,240
    (+) Selling and Distribution Expenses (5% * 4,48,240) 22,412
    Total Cost 4,55,652
    Profit (4,55,652 * (20/80)) 1,13,913
    Sales 5,69,565

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