From the following data prepare a Cost Sheet.
3 From the following data prepare a Cost Sheet.
Rs.
Opening cost of Raw materials 30,000
Closing stock of Raw materials 20,000
Purchase of Raw materials 1,90,000
Sales 6,50,000
Prime Cost 4,10,000
Factory Overhead 1,20,000
Administration Overhead 90,000
10 % of the output remained unsold. There was no Direct Expenses
From the above information prepare a Cost Sheet.
Answer: Cost sheet
Particulars | Total (Rs.) | (Rs.) |
Opening cost of Raw materials | 30,000 | |
Add: Purchases of raw materials | 1,90,000 | |
Less: Closing stock of raw materials | 20,000 | |
Raw materials consumed | 2,00,000 | |
Direct Wages (Prime cost minus Direct materials) | 2,10,000 | |
Prime cost | 4,10,000 | |
Factory Overheads | 1,20,000 | |
Works cost | 5,30,000 | |
Administration Overhead | 90,000 | |
Cost of production | 6,20,000 | |
Less: closing stock of finished goods 10 % of 6.20,000 | (62,000) | |
Cost of Sales | 5,58,000 | |
Profit (balancing figure) | 92,000 | |
Sales | 6,50,000 |
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