Cost Sheet

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COST SHEET
CA Saurav Jindal
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COST YOUTUBE QUESTIONS 1
COST SHEET
Question‐ 1
Prepare the Cost Sheet with as many details as possible and ascertain the Selling Price per
unit of the product.
1.Direct Materials 12.5% of selling price

2. Direct Labour 17.5 % of Selling Price
3. Production Overheads 1/3rd of Prime Cost
4. General Administration OH 100% of Factory Cost
5. Profit (₹ 750 per unit) 15% of Sales
You may ignore Direct Expenses, Quality Control Cost, R&D Costs and Administrative OH
attributable to Production.
Question‐ 2
The following information has been obtained from the records of ABC Corporation for the
period from June 1 to June 30, 20X8.
On June 1, On June 30,
20X8 (₹) 20X8 (₹)
Cost of raw materials 60,000 50,000
Cost of work‐in‐process 12,000 15,000
Cost of stock of finished goods 90,000 1,10,000
Purchase of raw materials during June 20X8 4,80,000
Wages paid 2,40,000
Factory overheads 1,00,000
Administration overheads (related to production) 50,000
Selling & distribution overheads 25,000
Sales 10,00,000
Prepare a statement giving the following information:
(a) Raw materials consumed (d) Cost of good sold; and

(b) Prime cost (e) Net Profit
(c) Factory cost
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Question‐ 3
Given below are some of the details of the Trial balance of ABC Limited as on March 31, 2013:
Particulars Amount Amount
Opening Inventories
Finished Goods 80,000
Raw Materials 1,40,000
2,00,000
Work‐in‐process
Office appliances 17,400
Plant and Machinery 4,60,000
Buildings 2,00,000
Sales 7,68,000
Sales returns 14,000
Materials purchased 3,20,000
Freight incurred on materials 16,000
Purchase returns 4,800
Productive labour 1,60,000
Indirect labour 18,000
Factory supervision 10,000
Repairs & upkeep – factory 14,000
Heat, light and power 65,000
Taxes 6,300
Miscellaneous factory expenses 18,700
Sales commission 33,600
Sales Travelling 11,000
Sales Promotion 22,500
Distribution department expenses 18,000
Office salaries 8,600
Interest on borrowed funds 2,000
Further details are as follows:
Particulars Amount
Closing inventories: Finished
goods Raw materials 1,15,000
Work‐in‐progress 1,80,000
1,92,000
Accrued expenses on: Direct labour
Indirect labour 8,000
Interest on borrowed funds 1,200
2,000
Depreciation to be provided on: Office
appliances 5%
Plant and Machinery 10%
Buildings 4%
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The following additional information is relevant:

 Heat, light and power are distributed to the factory, office and selling functions in the
ratio of 8:1:1
 Taxes: Two‐thirds to factory and one‐third to office. Depreciation on building
distributed to factory, office and selling in the ratio of 8:1:1
Prepare the cost sheet.
Question‐ 4
ABC industries manufactures a product X. In the beginning there were 5,000 units of finished
products in stock valued @ Rs 15 per unit. Other stocks as on that date was: WIP –Rs57, 400
and raw materials – Rs.1, 16,200. The following information is gathered
Rs Rs.
.
Materials 9.06,000 Labour 3,26,400
Freight inwards 55,700 Indirect labour 1,21,600
Other factory overheads 3,17,300 Closing stock of raw 96,400
materials
Closing stock of WIP 2,000 Sales‐ 1,50,000 units 30,00,000
There are 15,000 units of finished stock on hand at the end. You are required to prepare a
statement showing the profit and sales for the year
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COSTING LIVE

KSJ Teaching Handbooks Website

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Concept Question Concept Question

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For iOS Download ICAI SM

1.Direct Materials 12.5% of selling price

Prepare a statement giving the following information:

(a) Raw materials consumed (d) Cost of good sold; and

The following additional information is relevant:

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