Page 55 - DCOM202_COST_ACCOUNTING_I

Unit 3: Cost Sheet and Unit Costing

Solution: Notes
Cost Sheet

Particulars ` `
Opening stock of raw materials 1 Jan 60,000
st
(+) purchase of raw materials 9,00,000
st
(-) Closing stock of raw materials 31 Jan 50,000
Raw materials consumed during the year 9,10,000
(+) Wages paid 4,60,000
Prime cost 13,70,000
Factory overheads 1,84,000
(+) Opening stock of semi goods 24,000
(-) Closing stock of semi goods 30,000
Factory overheads 1,78,000
Factory or Works cost 15,48,000
(+) Administration overheads 60,000
Cost of Production 16,08,000
(+) Opening stock of finished goods 1,20,000
(–) Closing stock of finished goods 1,10,000
Cost of goods sold 16,18,000
(+) Selling overheads 40,000
Cost of Sales 16,58,000
Net profit 1,42,000
Sales 18,00,000

Example: From the following information extracted from the records of the M/s
Sundaram & Co.

The stock position of the firm is:
Particulars ` 1-4-1994 ` 31-3-1995
Stock of raw materials 80,000 1,00,000
Stock of finished goods 2,00,000 3,00,000
Stock of work in progress 20,000 28,000

Particulars ` Particulars `
Indirect labour 1,00,000 Administrative expenses 2,00,000
Oil 20,000 Electricity 60,000
Insurance on fixtures 6,000 Direct labour 6,00,000
purchase of raw materials 8,00,000 Depreciation on Machinery 1,00,000
Sale commission 1,20,000 Factory rent 1,20,000
Salaries of salesmen 2,00,000 property tax on building 22,000
Carriage outward 40,000 Sales 24,00,000
prepare cost statement of M/s Sundaram & Co.

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