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Cost Sheet Problems Assignment

The document contains a series of cost sheet practice problems requiring calculations of prime cost, works cost, and the preparation of cost sheets for specific periods. It includes detailed information on opening and closing stocks, direct materials, wages, expenses, and overheads. The problems also ask for the determination of selling prices and profit margins based on the provided financial data.

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78 views2 pages

Cost Sheet Problems Assignment

The document contains a series of cost sheet practice problems requiring calculations of prime cost, works cost, and the preparation of cost sheets for specific periods. It includes detailed information on opening and closing stocks, direct materials, wages, expenses, and overheads. The problems also ask for the determination of selling prices and profit margins based on the provided financial data.

Uploaded by

baibhavstar108
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

Aum Sri Sai Ram

Cost Sheet Practice Problems – Assignment

Question 1:
Calculate prime cost from the following details:
a. Cost of material purchased – Rs. 30,000
b. Opening stock of the material – Rs. 6,000
c. Closing stock of the material – Rs. 4,000
d. Wages paid – Rs. 3,000
e. Rent of special machine for production – Rs. 5,000

Question 2:
From the following information calculate the works cost:
a. Direct material – Rs. 80,000
b. Direct labour – Rs. 22,000
c. Direct Expenses – Rs. 5,000
d. Factory overheads – Rs. 12,000
e. Work in progress (opening stock) – Rs. 13,000
f. Closing stock – Rs. 7,000

Question 3:
From the following information, prepare a cost sheet for the period ended 21.03.20X6
and determine the sales amount.

Particulars Amount In Rupees


Opening Stock of raw materials 12,500
Purchase of raw materials 1,36,000
Closing stock of raw materials 8,500
Direct wages 54,000
Direct expenses 12,000
Factory overheads 100% of direct wages
OVice and administrative overheads 20% of works cost
Selling and distribution overheads 26,000
Cost of opening stock of finished goods 12,000
Cost of closing stock of finished goods 15,000
Profit on cost 20%

Question 4:
The following information is given to you from which you are requires to prepare cost
sheet for the period ended 31st March 2024

Opening stock – Rs. 20,000


Purchases – Rs. 1,22,000
Closing stock – Rs. 10,000
Direct wages – 36,000
Direct expenses – 24,000
Factory overheads – 50% of direct wages
OVice and admin expenses – 20% of works cost
Selling and distribution expenses – Rs. 3 per unit sold
Units of finished goods:
In hand at the beginning of the period ( value Rs. 1,25,000) – 500 units
Units produced during the period – 12,500 units
In hand at the end of the period – 1,500 units

Find out the selling price per unit if 20% profit on selling price. There is no work in
progress either at the beginning or at the end of the period.

Question 5:
From the details provided you are required to prepare monthly cost sheet:
Opening inventory:
Raw materials – Rs. 12,00,000
Work-in-process - Rs. 18,00,000
Finished goods 10,000 units – Rs. 9,60,000
Closing inventory
Raw materials – Rs. 14,00,000
Work-in-process - Rs. 16,04,000
Finished goods - ?
Raw materials purchased – 1,44,00,000
Tax paid on raw materials purchased – 7,20,000
Wages paid to production workers – Rs. 36,63,000
Expenses towards utilities – Rs. 1,45,600
OVice and admin expenses – Rs. 26,52,000
Travelling allowance paid to oVice staV – Rs. 1,21,000
Selling expenses – Rs. 6,46,000

Machine hours worked – 21,600 hours


Machine hours rate – Rs, 8 per hour
Units sold – 160,000
Units produced – 1,94,000
Desired profit – 15% on sales

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