Question

) From the following prepare a cost sheet:
Cost of materials @ 13 per unit
Labour cost @* 7.50 per unit
Factory overheads 45,000
Administration Overheads 50,000
Selling overheads 32.50 per unit sold
Opening Stock of finishing goods—500 units @ 19.75
Closing stock of finished goods-250 units
Sales -10,250 units at a profit of 20% on sales.​

Answer 1

Answer:

the following records for the year 2018, prepare a statement of Cost :

5,00,000

Sales (30,000 units)

2,80,000

Raw materials consumed

70,000

Direct wages

10,000

Chargeable expenses

50% of direct wages

Factory overhead

25,000

Administration overhead

1 per unit of sale

Selling and distribution overhead

* 42,500

Opening stock of finished goods (5,000 units)

Closing stock of finished goods (10,000 units)

Assume that finished goods are sold on the basis of FIFO principle.

Ans. : Prime Cost 3,60,000 ; Works Cost 3,95,000 ; Cost of Production 4,20,000 ; Total Cost

3,72,500 : Profit 1,27,500 ; Value of Closing Stock * 1,20,000.

showing

Answer 2

                  Statement showing cost and profit

Particulars                                                                 Total Rs.

Direct material Cost                                                  133,250

Direct labor cost                                                        76874

Factory overheads                                                     45,000

Office & Adm. Expenses (25% of Rs. 80000)           50,000

Add: Opening Stock of finished goods                     10,375

Less: Closing Stock of finished goods                       (4937)

Selling & distribution expenses                                   333125

Profit (20% of 10250)                                                    2050

Sales (L+M)                                                                   6,45,737

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