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Cost Sheet Exercises

The document provides 11 examples of cost accounting problems to calculate various cost components from raw materials, direct labor, factory overheads, administration expenses, and selling and distribution costs. The problems involve calculating prime cost, factory cost, cost of production, total cost, cost of goods sold, works cost and preparing cost sheets. The document seeks to demonstrate how to calculate different cost elements from financial information provided.

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750 views2 pages

Cost Sheet Exercises

The document provides 11 examples of cost accounting problems to calculate various cost components from raw materials, direct labor, factory overheads, administration expenses, and selling and distribution costs. The problems involve calculating prime cost, factory cost, cost of production, total cost, cost of goods sold, works cost and preparing cost sheets. The document seeks to demonstrate how to calculate different cost elements from financial information provided.

Uploaded by

sivapriyakamat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1) Prepare the cost sheet from the following details

Direct Labor 3500 Direct materials 5000


Administration expenses 800 Factory expenses 1500
Sales 15000 Selling expenses 700

2) From the following information for the month of January, prepare a cost sheet to show the
following components. (i) Prime cost, (ii) Factory cost, (iii) Cost of production, (d) Total cost.

Direct materials 57000 Direct wages 28500


Factory rent and rates 2500 Office rent and rates 500
Plant repairs and maintenance 1000 Plant depreciation 1250
Factory heating and lighting 400 Factory managers salary 2000
Office salaries 1600 Directors remuneration 1500
Telephone charges 200 Printing expenses 100
Legal charges 150 Advertisement 1500
Salesman salaries 2500 Showroom rent 500
Sales 116000

3) Following data relates to ABC Ltd. Prepare (i) raw materials purchased, (ii) direct labor cost, (iii)
cost of goods sold.

Finished goods (1/4/2015) 110000 Finished goods (31/3/2016) 95000


WIP (1/4/2015) 70000 WIP (31/3/2016) 80000
Raw materials (1/4/2015) 90000 Raw materials (31/3/2016) 95000
Cost of goods available for sales 684000 Total goods processed during the period 654000
Factory overheads 167000 Direct materials used 193000

4) Calculate factory cost from the following:


Material consumed 60,000 Productive wages 20,000 Direct Expenses 5,000 Consumable stores 2,000
Oil grease/Lubricating 500 Salary of a factory manager 6,000 Unproductive wages 1,000 Factory rent
2,000 Repair and Depreciation on Machine 600
5) From the following information calculate the works cost.
Direct material 80,000 Direct Labour 22,000 Direct Expenses 5,000 Factory overheads 12,000 Work-
in-progress: Opening stock 13,000 Closing stock 7,000
6) From the following information calculate the total cost of production
Direct material 90,000 Direct Labour 32,000 Direct Expenses 9,000 Factory overheads 25,000 Office
and administration overheads 18,000
7) From the following information calculate the cost of goods sold.
Total Cost of Production 1,22,000 Opening stock of finished goods 12,000 Closing stock of finished
goods 16,000
8) From the following information calculate the total cost.
Direct material 1,60,000 Direct Labour 52,000 Direct Expenses 19,000 Factory overheads 45,000
Office and administration overheads 28,000 Selling and distribution overheads 33,000
9) From the following information, calculate the value of goods sold.
Total Cost of Production 1,45,000 Opening stock of finished goods 22,000 Closing stock of finished
goods 6,000 Selling and distribution overheads 25,000 Profit 22,000
10) From the following information, prepare a cost sheet.
Opening stock of raw material 12,500 Purchases of raw material 1,36,000 Closing stock of raw material
8,500 Direct wages 54,000 Direct expenses 12,000 Factory overheads 100% of direct wages Office 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%
11) The following information is given to you from which you are required to prepare Cost Sheet.
Consumable material:
Opening stock 20,000 Purchases 1,22,000 Closing stock 10,000
Direct wages 36,000 Direct Expenses 24,000 Factory overheads 50 % of direct wages Office and
administration overheads 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. 12500) 500 Units produced during
the period 12,000 In hand at the end of the period 1,500.
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.

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