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    Cost Sheet For The Month of January: Total

    Uploaded by

    gauravpalgarimapal
    The cost sheet summarizes production costs for an unnamed product for the month of January. It lists materials consumed at Rs. 140,000, direct wages at Rs. 30,000, and prime cost at Rs. 170,000. Factory overheads were Rs. 26,000 and works/factory cost was Rs. 233,000. Cost of production was Rs. 283,000. Cost of goods sold was Rs. 262,030. Cost of sales was Rs. 424,880 with a profit of Rs. 11,920 and total sales of Rs. 436,800.

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    Cost Sheet For The Month of January: Total

    Uploaded by

    gauravpalgarimapal
    86 views9 pages
    The cost sheet summarizes production costs for an unnamed product for the month of January. It lists materials consumed at Rs. 140,000, direct wages at Rs. 30,000, and prime cost at Rs. 170,000. Factory overheads were Rs. 26,000 and works/factory cost was Rs. 233,000. Cost of production was Rs. 283,000. Cost of goods sold was Rs. 262,030. Cost of sales was Rs. 424,880 with a profit of Rs. 11,920 and total sales of Rs. 436,800.

    Original Title

    11 Cost Sheet

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    The cost sheet summarizes production costs for an unnamed product for the month of January. It lists materials consumed at Rs. 140,000, direct wages at Rs. 30,000, and prime cost at Rs. 170,000. Factory overheads were Rs. 26,000 and works/factory cost was Rs. 233,000. Cost of production was Rs. 283,000. Cost of goods sold was Rs. 262,030. Cost of sales was Rs. 424,880 with a profit of Rs. 11,920 and total sales of Rs. 436,800.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    86 views9 pages

    Cost Sheet For The Month of January: Total

    Uploaded by

    gauravpalgarimapal
    The cost sheet summarizes production costs for an unnamed product for the month of January. It lists materials consumed at Rs. 140,000, direct wages at Rs. 30,000, and prime cost at Rs. 170,000. Factory overheads were Rs. 26,000 and works/factory cost was Rs. 233,000. Cost of production was Rs. 283,000. Cost of goods sold was Rs. 262,030. Cost of sales was Rs. 424,880 with a profit of Rs. 11,920 and total sales of Rs. 436,800.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    Cost Sheet

    For the month of January


    Product Name
    Product Code Units Produced :

    Total
    Rs. Rs.
    Opening Stock of Raw Material
    Purchase of Raw Material 141400
    Carriage Inward
    Less: Closing Stock of Raw Material 1400
    Material Consumed 140000
    Direct Wages 30000
    Direct Expenses
    PRIME COST 170000

    Add: Factory/Works Overheads


    Indirect Manufacturing Labor costs V 10000
    Indirect Manufacturing Labor costs F 16000
    Plant energy costs 5000
    Other Indirect Manufacturing Costs V 8000
    Other Indirect Manufacturing Costs F 24000

    Add: Opening Work in Progress


    Less: Closing Work in Progress 63000
    WORKS/FACTORY COST 233000
    Add: Office/Administration Overheads

    Administrative Cost 50000


    50000
    COST OF PRODUCTION 283000
    Add: Opening Stock of finished goods
    Less: Closing Stock of finished goods 20970
    COST OF GOODS SOLD 262030
    Add: Selling & Distribution Overheads
    Marketing, distribution, and customer-service
    122850
    costs V
    Marketing, distribution, and customer-service
    40000
    costs F
    162850
    COST OF SALES 424880
    PROFIT 11920
    SALES 436800
    of January

    Per Unit Units produced Material


    Quantity

    0
    0.7 202000

    0.7 2000
    1.4 100000 200000 <--- 1

    1.7 100000

    0
    0
    2.33 100000

    2.83 100000
    0
    2.83 7410 <--- 2
    2.83 92590
    4.59 92590
    0.13 92590 <-- 5
    4.72 92590 <--- 4
    Cost Sheet
    Product Name
    Product Code Units Produced :

    Total Per Unit


    Rs. Rs.
    Opening Stock of Raw Material
    Purchase of Raw Material
    Carriage Inward
    Less: Closing Stock of Raw Material
    Material Consumed
    Direct Wages
    Direct Expenses
    PRIME COST

    Add: Factory/Works Overheads


    Indirect Wages
    Power
    Rent Rates (Factory)
    Insurance (Factory)
    Lighting (Factory)
    Repairs to machinery
    Indirect Material
    Supervision (Factory)
    Depreciation of Plant
    Drawing Office Salaries
    Add: Opening Work in Progress
    Less: Closing Work in Progress
    Less: Sale of Scrap
    WORKS/FACTORY COST 0
    Add: Office/Administration Overheads
    Rent Rates (office)
    Insurance (office)
    Lighting (office)
    Supervision (office)
    Office Salaries
    Sundry Expenses
    Repairs of Office Building
    Depreciation of Building
    Counting House Salary 0
    COST OF PRODUCTION 0
    Add: Opening Stock of finished goods
    Less: Closing Stock of finished goods
    COST OF GOODS SOLD

    Add: Selling & Distribution Overheads


    Carriage Outward
    Travelling Expenses
    Advertising
    Agent’s Commission
    Bad Debts
    Delivery Van Expenses
    Salesman’s Salary 0
    COST OF SALES 0
    PROFIT
    SALES
    Quantity
    Skoda Octavia, plant of New United Motor Manufacturing, Ltd. (NUMML), a joint venture of General Mot
    assembles two types of cars (Corollas and Geo Prisms). Separate assembly lines are used for
    Classify the following cost items as:
    a. Direct or indirect (D or I) costs with respect to the type of car assembled (Corolla or Geo Prism).
    b. Variable or fixed (V or F) costs with respect to how the total costs of the plant change as the number of

    Cost item

    1 Cost of tires used on Geo Prisms


    2 Salary of public relations manager for NUMML plant
    3 Annual awards dinner for Corolla suppliers
    4 Salary of engineer who monitors design changes on Geo Prism
    Freight costs of Corolla engines shipped from Toyota City, Japan, to Fremont,
    5 California
    6 Electricity costs for NUMML plant (single bill covers entire plant)
    Wages paid to temporary assembly – line workers hired in periods of high
    7
    production (paid on hourly basis)
    8 Annual fire – insurance policy cost for NUMML plant
    enture of General Motors and Toyota, each type of car.

    or Geo Prism).
    ange as the number of cars assembled changes.

    Direct or Indirect Variable or Fixed

    D V
    I F
    D F
    D F
    D V
    I V
    D V
    I F

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