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    Costing - 13.6.24

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    Costing - 13.6.24

    Uploaded by

    ritrikhsardar
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    5 views2 pages

    Costing - 13.6.24

    Uploaded by

    ritrikhsardar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    ACADEMY OF COMMERCE

    CLASS XI (2024-25)
    COSTING EXAMINATION
    Time: 1 hour Date: 13.06.2024 FM: 25

    1. The following figures for the month of April, 2023 were expected from the records of a factory:
    Rs.
    Opening stock of finished goods (5,000 units) 45,000
    Raw material consumed 2,55,000
    Direct wages 1,00,000
    Factory overhead 100% of direct wages –
    Administrative expenses Rs. 1 per unit –
    Selling and distribution expenses 10% of sales –
    Sales (45,000 units) 6,30,000
    Closing stock of finished goods (10,000 units) ?
    Prepare a cost sheet for the month of April, 2023, assuming that sales have been made on the
    basis of First-in-First-out (FIFO) basis
    [8 M]

    2. From the following particulars for the year ended 31.12.2022, prepare a Cost Sheet showing
    various elements of cost:
    Particulars Rs. Rs.
    Stock as on 1.1.22:
    Raw Materials 12,500
    Work-in-progress:
    At prime cost 15,000
    Add: Manufacturing cost 3,000 18,000
    Finished goods (8,000 units) 60,000
    Raw materials purchased 1,10,000
    Freight on purchase of raw materials 5,000
    Loss of materials by fire 5,000
    Factory expenses 70,000
    Chargeable expenses 25,000
    Direct labour 1,35,000
    Administration expenses (per unit) 2
    Selling expenses (per unit) 1
    Distribution expenses 15,000
    Sales of finished goods (28,000 units) 4,00,000
    Stock as on 31.12.23:
    Raw Materials 20,000
    Work-in-progress:
    At prime cost 10,000
    Add: Manufacturing cost 8,000 18,000
    Finished goods (10,000 units) ?
    Assume sales are made on FIFO basis.
    [10 M]

    3. Choose the correct option: [7Q x 1M = 7M]


    (i) Prime cost + Factory overhead = __________.

    1
    (a) Works cost
    (b) Total cost
    (c) Cost of production
    (d) None of these.

    (ii) Profit on sales 331⁄3, indicate profit on cost –


    (a) 25%
    (b) 50%
    (c) 37.5%
    (d) None of these

    (iii) Cost of production = __________ + Administrative expenses


    (a) Prime cost
    (b) Factory overhead
    (c) Works cost
    (d) None of these

    (iv) If profit on cost is 25%, the profit on sale will be –


    (a) 50%
    (b) 25%
    (c) 20%
    (d) None of these

    (v) The expenses which are not included in selling & distribution overhead is –
    (a) Salesman’s commission
    (b) Godown rent
    (c) Depreciation
    (d) Advertisement expenses

    (vi) Opening stock 5,000 units, Closing stock 10,000 units, Sold 30,000 units, units produced –
    (a) 25,000 units
    (b) 45,000 units
    (c) 35,000 units
    (d) 27,000 units

    (vii) Aggregate of direct material cost, direct labour cost and other direct expenses is called –
    (a) Overhead
    (b) Prime cost
    (c) Factory cost
    (d) None of these

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