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COST SHEET Illustration 1

The document presents a cost sheet detailing the financial particulars for a company from April 1, 2009, to March 31, 2010. It includes calculations for raw materials consumed, prime cost, factory cost, cost of goods sold, and total sales, resulting in a profit of ₹37,500. The cost sheet effectively summarizes the costs associated with production and sales during the specified period.

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12 views2 pages

COST SHEET Illustration 1

The document presents a cost sheet detailing the financial particulars for a company from April 1, 2009, to March 31, 2010. It includes calculations for raw materials consumed, prime cost, factory cost, cost of goods sold, and total sales, resulting in a profit of ₹37,500. The cost sheet effectively summarizes the costs associated with production and sales during the specified period.

Uploaded by

ishuverma2701
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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COST SHEET- ILLUSTRATION 1

Prepare a cost sheet for the following particulars:

Amount

Opening stock on 1.4.2009


Raw Materials 1,50,000
Work-in-progress 45,000
Finished goods 3,750
Closing stock on 31.3.2010
Raw Materials 1,35,000
Work-in-progress 37,500
Finished goods 11,250
Raw materials purchased during the year 3,75,000
Direct wages 1,12,500
Manufacturing overheads 75,000
Administration overheads 12,000
Selling and Distribution overheads 3,000
Sales 6,30,000
Solution: Cost Sheet for the period…
Amount ₹ Amount ₹
Opening stock of raw materials 1,50,000
Add: Purchase of raw materials 3,75,000
5,25,000
Less: Closing stock of raw materials 1,35,000

Raw Materials Consumed 3,90,000


Add: Direct wages 1,12,500
PRIME COST 5,02,500
Add: Manufacturing overhead 75,000
5,77,500
Add: Opening WIP 45,000
6,22,500
Less: Closing WIP 37,500
FACTORY COST/WORKS COST 5,85,000
Add: Administration overheads 12,000
COST OF PRODUCTION
5,97,000
Add: Opening stock of Finished
3,750
goods
6,00,750
Less: closing stock of Finished
11,250
goods
COST OF GOODS SOLD 5,89,500
Add: Selling and Distribution 3000
overheads
COST OF SALES (TOTAL COST) 5,92,500
Profit (balancing fig) 37,500
Sales 6,30,000

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