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Cost Sheet: (-) Sales of Wastage

This document summarizes the costs of a manufacturing business. It shows the opening and closing raw material stocks, raw material purchases and costs, wages, factory overhead, work in process, cost of production, cost of goods sold, selling costs, total costs, sales, and profit of 25% on sales. The key figures are total cost of Rs. 1,320,000, sales of Rs. 1,760,000 and profit of Rs. 440,000.

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Auras Raj Panta
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152 views1 page

Cost Sheet: (-) Sales of Wastage

This document summarizes the costs of a manufacturing business. It shows the opening and closing raw material stocks, raw material purchases and costs, wages, factory overhead, work in process, cost of production, cost of goods sold, selling costs, total costs, sales, and profit of 25% on sales. The key figures are total cost of Rs. 1,320,000, sales of Rs. 1,760,000 and profit of Rs. 440,000.

Uploaded by

Auras Raj Panta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Cost Sheet

Particular Amount Amount


Opeining stock of Maw material 120,000
(+) Purchase of Raw Materials 700,000
(+) Carriage 30,000
(-) Closing stock of Raw Material 180,000
(i) Value of Raw Materials 670,000
Productive Wages 300,000
(ii) Prime Cost 970,000
(+) Factory Overhead
Unproductive wages 28,000 28,000
(-) Sales of wastage 5,000
Work Cost incurred 993,000
(+) Opeining WIP 45,000
(-) Colsing WIP 22,000
(iii) Work Cost 1,016,000
(+) Office and administrative OHs
Salary(office) 38,500
Rent and Rates(Office) 25,500 64,000
(iv) Cost of Production 27000 Units 1,080,000
(+) Opening FGs 8000 Units 200,000
(-) Closing FGs 3000 units 120,000
(v) Cost of Goods sold 32000 units 1,160,000
(+) Selling and distribution OHs
Advertisement expenses 160,000
(vi) Cost of Sales / Total Cost 1,320,000
(+) Profit (25% on sales) 440,000
(vii) Sales 1,760,000

Working Notes
1.Calculation of Closing stock of finished Goods
We know,
Opening FGs units + Production units = Sales units + Closing FGs units

or, 27000 + 8000 = 32000 + Closing FGs Units


Closing FGs Units = 3,000 Units

2. Calculation of Profit
Profit on sales = x/100-x × total cost
= 25/(100-25) × 1320000
= 440,000

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