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Questions and Answers
What will be the increased cost of materials for the next year based on a 10% increase from last year's cost?
How will factory overheads be determined for the next year?
What will be the estimated selling price per TV set for the next year?
Which expense category will show an increase related to direct wages in the next year's cost estimation?
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Based on the provided details for last year, what was the total cost incurred by Super Vision company?
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Study Notes
Super Vision Company Cost Sheet (April 2002)
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Cost of Goods Sold
- Direct Materials: Rs. 18,00,000
- Direct Labor: Rs. 10,00,000
-
Factory Overheads:
- Power and Stores: Rs. 2,40,000
- Indirect Wages: Rs. 3,00,000
- Factory Lighting: Rs. 1,20,000
- Repairs and Depreciation of Machinery: Rs. 1,20,000
- Total: Rs. 7,80,000
- Total Cost of Goods Sold: Rs. 35,80,000
- Administrative Overheads: Rs. 18,00,000
- Selling and Distribution Overheads: Rs. 10,00,000
- Total Cost: Rs. 63,80,000
- Less: Sale of Scrap: Rs. 2,40,000
- Net Cost: Rs. 61,40,000
- Sales Revenue: Rs. 30,00,000
- Cost Per Unit: Rs. 61.40
Estimated Cost Sheet for the Next Year (April 2002)
- Direct Materials: Rs. 19,80,000 (10% increase from previous year)
- Direct Labor: Rs. 11,50,000 (15% increase from previous year)
- Factory Overheads: Rs. 8,58,000 (Calculated as a percentage of Direct Labor, based on the previous year)
- Total Cost of Goods Sold: Rs. 40,88,000
- Administrative Overheads: Rs. 25,92,000 (Calculated as a percentage of Works Cost, based on the previous year)
- Selling and Distribution Overheads: Rs. 14,40,000(Calculated as a percentage of Works Cost, based on the previous year)
- Total Cost: Rs. 81,20,000
- Sales Revenue: Rs. 9,90,000 (1500 TV sets sold at Rs. 6,600 each)
- Cost Per Unit: Rs. 54.13
Cost Sheet for the Year 2000
-
Cost of Goods Sold
- Direct Materials: Rs. 12,00,000
- Factory Overheads: Rs. 6,00,000
- Total Cost of Goods Sold: Rs. 18,00,000
- Selling Overheads: Rs. 4,48,000
- Distribution Overheads: Rs. 2,80,000
- Total Cost: Rs. 25,28,000
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Description
This quiz delves into the cost sheet analysis for Super Vision Company for April 2002. It explores key components like the cost of goods sold, administrative and overhead costs, as well as projections for the next year. Test your understanding of cost accounting principles through practical scenarios.
