Cost Sheet PDF

Cost Book Keeping Cost Sheet  Unit 1 Cost Sheet te tu...

Cost Book Keeping Cost Sheet  Unit 1 Cost Sheet te tu sti 1. Items not included in cost sheet 2. Disputed items In 3. Cost sheet format with classification 4. Valuation of inventory under different methods C 5. Missing figures 6. Effect of Semi Variable Overhead SJ 7. Multiple Products 8. Treatment of Defectives 4.2 |CMA Inter Cost Accounting SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet Ex. Book No. Pg. No. 1 CMA Mat The following figures were extracted from the Trial Balance of a company as on 31st December 2016. Debit Credit Particulars Amount (₹) Amount (₹) Inventories Raw Material 1,40,000 WIP 2,00,000 FG 80,000 Office Appliances 17,400 Plant and Machinery 4,60,500 te Buildings 2,00,000 Sales 7,68,000 Sales Returns 14,000 Material purchased Freight on materials tu 3,20,000 16,000 sti Purchase returns 4,800 Direct labour 1,60,000 Indirect labour 18,000 In Factory supervision 10,000 Factory repairs & upkeep 14,000 Heat, light & power 65,000 C Rates & taxes 6,300 Misc factory expenses 18,700 SJ Sales commission 33,600 Sales travelling 11,000 Sales Promotion 22,500 Distribution department salaries & wages 18,000 Office salaries 8,600 Interest on borrowed funds 2,000 Further details are given as follows: Closing inventories are Material ₹ 1,80,000; WIP ₹ 1,92,000 & FG ₹ 1,15,000. Accrued expenses are Direct Labour ₹ 8,000; Indirect Labour ₹ 1,200 & interest ₹ 2,000. Depreciation should be provided as 5% on Office Appliances, 10% on Machinery and 4% on Buildings. Heat, light and power are to be distributed in the ratio of 8:1:1 among factory, office and distribution respectively. CMA Inter Cost Accounting | 4.3  Cost Book Keeping Cost Sheet  Rates & taxes apply as 2/3rd to the factory and 1/3rd to office. Depreciation on building to be distributed in the ratio of 8:1:1 among factory, office and distribution respectively Prepare a Cost Sheet showing all important components and also a condensed P & L Account for the year. Basic Cost Sheet Valuation of Inventory te tu sti In C SJ 4.4 |CMA Inter Cost Accounting SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet Ex. Book No. Pg. No. 2 Work Book St. Ltd manufactures two types of pen P and Q. The cost data for the year ended 30 th June, 2017 is as follows: Particulars ₹ Direct materials 4,00,000 Direct wages 2,24,000 Production overhead 96,000 Total 7,20,000 It is further ascertained that: i. Direct materials in type P cost twice as much direct material as in type Q. ii. Direct wages for type Q were 60% of those for type P. te iii. Production overhead was of the same rate for both types. iv. v. tu Administration overhead for each was 200% of direct labour. Selling costs were 50 paise per pen for both types. sti vi. Production during the year (In units): Type P 40000 Type Q 1,20,000 In vii. Sales during the year (In units) : Type P 36,000 Type Q 1,00,000 C viii. Selling prices were ₹ 14 per pen for type P and ₹ 10 per pen for type Q. SJ Prepare a statement showing per unit cost of production, total cost, profit and also total sales value and profit separately for the two types of pen P and Q. Total Cost and Per unit cost CMA Inter Cost Accounting| 4.5 SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet  Ex. Book No. Pg. No. 3 CMA Mat PR Ltd. manufactures and sells a typical brand of Tiffin Boxes under its on brand name. The installed capacity of the plant is 1,20,000 units per year distributable evenly over each month of calendar year. The Cost Accountant of the company has informed the following cost structure of the product, which is as follows: Raw Material ₹ 20 per unit. Direct Labour ₹ 12 per unit Direct Expenses ₹ 2 per unit Variable Overheads ₹ 16 per unit. Fixed Overhead ₹ 3,00,000. Semi-variable Overheads are as follows: te ₹ 7,500 per month upto 50% capacity & Additional ₹ 2,500 per month for every additional 25% capacity utilization or part thereof. tu The plant was operating at 50% capacity during the first seven months of the calendar year 2016, at 100% capacity in the remaining months of the year. The selling price for the period from 1st Jan, 2016 to 31st July, 2016 was fixed at ₹ 69 per unit. sti The firm has been monitoring the profitability and revising the selling price to meet its annual profit target of ₹ 8,00,000. You are required to suggest the selling price per unit for the period from 1st August 2016 to 31st December 2016. In Prepare Cost Sheet clearly showing the total and per unit cost and also profit for the period. 1. from 1st Jan. to 31st July, 2016 2. from 1st Aug. to 31st Dec, 2016. C SJ Total Cost and Per unit cost Different Periods 4.6 |CMA Inter Cost Accounting SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet Ex. Book No. Pg. No. 4 Comprehensive Ltd gives the following information: Particulars ₹ Sales for the year 75,00,000 Direct Labour 17,50,000 Management Expenses 2,50,000 Selling Expenses 3,50,000 Raw Materials as on 31st Dec 10,60,000 Raw materials as on 1st Jan 8,00,000 Finished Goods as on 31st Dec 19,00,000 Finished Goods as on 1st Jan 17,60,000 te WIP as on 31st Dec 14,50,000 WIP as on 1st Jan 10,50,000 Information: 1. Direct labour would be 175 % of Works Overheads.tu sti 2. Cost of Goods Sold (excluding Administration Overheads) would be ₹ 11,200 per unit. 3. Selling Expenses would be ₹ 700 per unit. In You are required to: (a) Compute the value of material purchased during the year. (b) Determine the rate of profit earned on sales. C Missing Figures COGS Calculation SJ CMA Inter Cost Accounting | 4.7 SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet  Ex. Book No. Pg. No. 5 Particulars Current Year Proposed Material 50% Increase by 10% Labour 30% Increase by 15% Overheads 20% Total Cost 100% Selling Price ₹ 5,000 The profit will reduce by 20% due to increase in cost, if same selling price is maintained Prepare the present and revised cost statement. te Missing Figures Profit Equation tu sti In C SJ 4.8 |CMA Inter Cost Accounting SJ C In sti tu te  Cost Book Keeping Cost Sheet Ex. Book No. Pg. No. 6 CMA Mat, RTP Jun'18 X Ltd. Provides you the following figures for the year 2015-16: Particulars Amount (₹) Direct Material 3,20,000 Direct Wages 8,00,000 Production Overheads (25% variable) 4,80,000 Administration Overheads (75% Fixed) 1,60,000 Selling and Distribution Overheads (2/3rd Fixed) 2,40,000 Sales @ ₹ 125 per unit 25,00,000 For the year 2016-17, it is estimated that: 1. Output and sales quantity will increase by 20% by incurring additional Advertisement te Expenses of ₹ 45,200. 2. Material prices will go up 10%. 3. 4. tu Wage Rate will go up by 5% along with, increase in overall direct labour efficiency by 12%. Variable Overheads will increase by 5%. sti 5. Fixed Production Overheads will increase by 33 1/3 % Required: In (a) Calculate the Cost of Sales for the year 2015-2016 and 2016-2017. (b) Find out the new selling price for the year 2016-2017. (i) If the same amount of profit is to be earned as in 2015-2016. C (ii) If the same percentage of profit to sales is to be earned as in 2015-2016. (iii) If the existing percentage of profit to sales is to be increased by 25%. SJ (iv) If Profit per unit ₹ 10 is to be earned. Cost of Sales Selling Price under different situations CMA Inter Cost Accounting| 4.9 SJ C In sti tu te SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet  Ex. Book No. Pg. No. 7 CMA Mat, MTP Dec'17, MTP Jun'18 The following are the costing records for the year 2017 of a manufacturer: Production 10,000 units; Cost of Raw Materials ₹ 2,00,000; Labour Cost ₹ 1,20,000; Factory Overheads ₹ 80,000; Office Overheads ₹ 40,000; Selling Expenses ₹ 10,000, Rate of Profit 25% on the Selling Price. The manufacturer decided to produce 15,000 units in 2017. It is estimated that the cost of raw materials will increase by 20%, the labour cost will increase by 10%, 50% of the overhead charges are fixed and the other 50% are variable. The selling expenses per unit will be reduced by 20%. The rate of profit will remain the same. Prepare a Cost Statement for the year 2017 showing the total profit and selling price per unit. te Estimated Cost Sheet Selling Price tu sti In C SJ 4.10 |CMA Inter Cost Accounting SJ C In sti tu te  Cost Book Keeping Cost Sheet Ex. Book No. Pg. No. 8 Work Book Indian Product Ltd. Have received an enquiry for the supply of 2,00,000 numbers of a special type of machine screw. Capacity exists for the manufacture of the screw in the company’s unit no. 3 but a fixed investment of ₹ 60,000 and working capital to the extent of 25% of the sales value will be required if the job is undertaken. The costs are estimated as follows: i. Materials – 20,000 lbs at ₹ 2.30 per lb. ii. Labour hours – Direct 18,000 of which 2,000 wo uld be overtime hours payable at double the labour rate. iii. Labour rate – ₹ 1 per hour. iv. Factory overhead – ₹ 1 per direct labour hour. v. Selling and distribution cost - ₹ 23,000 te vi. Material recovered as a scrap at the end of the operations is estim ated at ₹ 2,000. vii. The company expects a net return of 25% on the Capital Employed. tu Prepare a Cost Sheet and price statement indicating the price which should be quoted to the customer. sti Cost Sheet and Selling Price ROCE In C SJ | 4.11 CMA Inter Cost Accounting SJ C In sti tu te SJ C In sti tu te  Cost Book Keeping Cost Sheet  CMA Mat, MTP Dec'18, MTP Jun'19, Ex. Book No. Pg. No. 9 Dec'19 A company is manufacturing building bricks and fire bricks. Both the products require two processes. Brick forming and Heat treatment. The requirements for the two bricks are: Building Bricks Fire Bricks Forming per 100 bricks 3 hrs. 2 hrs. Heat treatment per 100 bricks 2hrs. 5 hrs. Total costs of the two departments in one month were: Forming ₹ 21,200 Heat Treatment ₹ 48,800 Production during the month was: te Building Bricks 1,30,000 Nos. Fire Bricks 70,000 Nos. tu Prepare statement of manufacturing costs for the two varieties of bricks. sti Manufacturing Cost Total Ratio In C SJ 4.12 |CMA Inter Cost Accounting SJ C In sti tu te