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Cost Sheet and Tender sheet solution of OLD IS GOLD

Cost sheet and Tender sheet (Input or output costing) Old is Gold solution of account class 12

OLD is Gold solution of Account class 12

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2076 Set B Q. No. 21

Cost sheet

Particular

Amount

Direct material consumption

250000

Add: Direct labor cost

250000

Prime cost

500000

Add: Factory overhead

300000

Factory cost

800000

Add: Office overhead

200000

Total cost  

1000000

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (300000 / 250000) * 100

                                                                                                         = 120%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (2000000 / 800000) *100

                                                                                = 25%

Tender Sheet

Particular

Amount

Direct material

125000

Add: Direct labour

80000

Prime cost

205000

Add: Factory overhead (120% of 80000)

96000

Factory cost

301000

Add: Office overhead (25% of 301000)

75250

Total cost

376250

Add: Profit (376250 * 20)/80

94062.5

Sales

470312.5

When the percentage of profit is given on sales and sales is not available:

Net profit = Total cost X (% Profit / (100- % profit))


2076 Set C Q. no. 21

Cost Sheet

Particular

Amt.

Amt.

Opening stock of raw material

24000

 

Add: Purchase of raw material

360000

 

Add: Carriage on purchase

16000

400000

Less: Closing Stock of raw material

20000

(20000)

Cost of raw material

 

380000

Direct wages

 

184000

Prime cost

 

564000

Add: Factory overhead

 

 

:- Indirect wages

90000

 

:- Indirect materials

26000

 

:- Other factory expenses

120000

236000

Factory cost

 

800000

Add: Office and administrative Overhead

 

0

Cost of production

 

800000

Add: Opening Stock of finished goods  (1000 X 80)

80000

 

Less: Closing stock of finished goods (1000 X 80)

(80000)

0

Cost of goods sold

 

800000

Add: Selling and distribution overhead

 

 

:- Selling and distribution expenses

10000

10000

Cost of sale

 

810000

Add: Profit (810000 * 10 / 90)

 

90000

Total sales amount

 

891000

Working note to find closing stock of finished goods  

Sales units = Opening stock + Production units - Closing stock

Or, 10000 = 1000 + 10000 - Closing stock

Closing stock = 1000 units

Cost per units = Cost of production / Production units

= 800000 / 10000

= 80 per unit

 

2075 GIE Q. no. 21

Cost Sheet

Particular

Amt.

Amt.

Opening stock of raw material

 

20000

Add: Purchase of raw material

 

150000

Less: Closing Stock of raw material

(15000)

Cost of raw material

 

155000

Direct wages

 

107000

Prime cost

 

262000

Add: Factory overhead

 

 

:- Depreciation on machinery

5000

 

:- fuel

15000

 

:- Factory rent

10000

30000

Factory cost

 

292000

Add: Office and administrative Overhead

 

0

:- Office salaries

25000

 

:- Office stationery

5000

30000

Cost of production

 

322000

Add: Opening Stock of finished goods  (500X 165)

82500

 

Less: Closing stock of finished goods (1000 X 165)

(165000)

(82500)

Cost of goods sold

 

239500

Add: Selling and distribution overhead

 

 

:- Selling and distribution expenses (1500 * 10)

 

15000

 

15000

Cost of sale

 

254500

Add: Profit (254500 * 20 / 80)

 

63625

Total sales amount

 

891000

Working note to find Sales units 

Sales units = Opening stock + Production units - Closing stock

= 500 + 2000 - 1000

= 1500 units 

 

2075 Set A Q. No. 21

Cost sheet

Particular

Amount

Direct material

100000

Add: Direct labour cost

80000

Prime cost

180000

Add: Factory overhead

60000

Factory cost

240000

Add: Administrative overhead

50000

Cost of production

290000

Add: Selling overhead

30000

Total cost  

220000

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (60000 / 80000) * 100

                                                                                                         = 75%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (50000 / 240000) *100

                                                                                = 20.833%

Percentage of Selling overhead = (Selling overhead / Factory cost) * 100

                                                                = (30000 / 240000) * 100

                                                                = 12.5%

Tender Sheet

Particular

Amount

Direct material

60000

Direct labour

40000

Prime cost

100000

Factory overhead (75% of 40000)

30000

Factory cost

130000

Administrative overhead (20.833% of 130000)

27083

Cost of production

157083

Sales Overhead (12.5% of 130000)

16250

Total cost

173333

Add: Profit (173333 * 25)/75

57778

Sales

231111

When the percentage of profit is given on sales and sales is not available:

Net profit = Total cost X (% Profit / (100- % profit))

 

2075 Set B Q. no. 21

a)                                                           

Cost Sheet

Particular

Amt.

Amt.

Opening stock of raw material

40000

Add: Purchase of raw material

200000

Add: Carriage on purchase

20000

Less: Closing Stock of raw material

(60000)

Cost of raw material

 

200000

Direct wages

 

100000

Prime cost

 

300000

Add: Factory overhead

 

 

:- Factory overhead

50000

Less: Sales of the scarp

(5000)

45000

Factory incurred

 

345000

Add: Opening stock of Work-in-Progress

20000

 

Less: Closing stock of Work-in-progress

(35000)

(15000)

Factory cost

 

330000

Add: Office and administrative Overhead

 

Administrative overhead (10% of 300000)

30000

30000

Cost of production

 

360000

Add: Opening stock of finished goods (1000 X 90)

 

90000

 

Less: Closing stock of finished goods (2000 X 90)

 

(180000)

 

(90000)

Cost of goods sold

 

270000

Add: Selling and distribution overhead

 

 

:- Selling overhead (3000 * 10)

30000

30000

Cost of sale

 

300000

Add: Profit (300000 * 20 / 80)

 

75000

Total sales amount

 

375000

Working note to find sales unit

Sales units = Opening stock + Production units - Closing stock

= 1000 + 4000 - 2000

= 3000 unit

b)      Profit per units = Profit / Sales unit

= 75000 / 3000

= Rs. 25

 

2074 Supp. Q. No. 21

Cost sheet

Particular

Amount

Direct material

300000

Direct labour cost

200000

Prime cost

500000

Factory / worked overhead

150000

Factory cost

650000

Office overhead

130000

Cost of production

780000

Selling and distribution overhead

65000

Total cost

845000

Add: profit (845000 X 20 / 100)

169000

Total Sales

1014000

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (150000 / 20000) * 100

                                                                                                         = 75%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (130000 / 65000) *100

                                                                                = 20%

Percentage of Selling overhead = (Selling overhead / Factory cost) * 100

= (65000 / 650000) * 100

= 10%

Tender Sheet

Particular

Amount

Direct material

500000

Direct labour

300000

Prime cost

800000

Factory overhead (75% of 300000)

225000

Factory cost

1025000

Office overhead (20% of 1025000)

205000

Cost of production

1230000

Selling and distribution overhead (10% of 1025000)

1332500

Add: Profit (1332500 X 20 / 100)

266500

Sales

1599000

When the percentage of profit is given on sales and sales is not available:

Net profit = Total cost X (% Profit / (100- % profit))

 

2074 Set A Q. No. 21

Cost sheet

Particular

Amount

Direct material

200000

Direct wages

100000

Prime cost

300000

Factory / worked overhead

50000

Factory cost

350000

Administrative overhead

70000

Cost of production

420000

Selling and distribution overhead

35000

Total cost

455000

Add: profit (455000 X 10 / 90)

50556

Total Sales

505556

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (50000 / 10000) * 100

                                                                                                         = 50%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (70000 / 350000) *100

                                                                                = 20%

Percentage of Selling overhead = (Selling overhead / Factory cost) * 100

= (35000 / 350000) * 100

= 10%

Tender Sheet

Particular

Amount

Direct material

120000

Direct labour

80000

Prime cost

200000

Factory overhead (50% of 80000)

40000

Factory cost

240000

Office overhead (20% of 240000)

48000

Cost of production

288000

Sales overhead (10% of 240000)

24000

Total cost

312000

Add: Profit ( 312000* 10)/90

34667

Sales

346667

When the percentage of profit is given on sales and sales is not available:

Net profit = Total cost X (% Profit / (100- % profit))

 

2074 Set B Q. no. 21

Cost Sheet

Particular

Amt.

Amt.

Opening stock of raw material

250000

Add: Purchase of raw material

450000

Less: Closing Stock of raw material

(150000)

Cost of raw material

 

550000

Direct wages

 

90000

Prime cost

 

640000

Add: Factory overhead

 

 

:- Depreciation on machinery

10000

:- Fuel and water

20000

30000

Factory cost

 

670000

Add: Office and administrative expenses

 

:- Office salary

50000

 

:- Office expenses

15000

 

:- Office stationery

15000

80000

Cost of production

 

750000

Add: Opening stock of finished goods (200 X 800)

 

160000

 

Less: Closing stock of finished goods (400 X 1000)

 

(400000)

 

(240000)

Cost of goods sold

 

510000

Add: Selling and distribution overhead

 

 

:- Selling overhead (2% of 750000)

15000

15000

Cost of sale

 

525000

Add: Profit (525000 * 20 / 80)

 

131250

Total sales amount

 

656250

 

2073 Supp. Q. No. 21

Cost sheet

Particular

Amount

Direct materials

300000

Direct wages

175000

Prime cost

475000

Factory / worked overhead

95000

Factory cost

570000

Office overhead

57000

Total Cost

627000

Add: Profit (627000 * 20%)

125400

Total sales

752400

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (95000 / 175000) * 100

                                                                                                         = 54.29%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (57000 / 570000) *100

                                                                                = 10%

Tender Sheet

Particular

Amount

Direct materials

400000

Direct labour

300000

Prime cost

700000

Factory overhead (54.29% of 300000)

162870

Factory cost

862870

Office overhead (10% of 862870)

86287

Total cost

949175

Add: Profit (949175* 20)/80

237289

Sales

1186464

 

2073 Set C Q. no. 21

Cost Sheet

Particular

Amt.

Amt.

Opening stock of Direct material

 

60000

Add: Purchase of Direct material

 

240000

Add: Carriage on purchase

 

4000

Less: Closing Stock of raw material

 

(40000)

Cost of raw material

 

264000

Direct wages

 

144000

Direct expenses

 

20000

Prime cost

 

428000

Add: Factory overhead

 

 

:- Factory overhead

70000

70000

Factory cost incurred

 

498000

Add: Opening stock of Work-in-progress

 

30000

 

:- Less: Closing stock of Work-in-progress

 

(25000)

 

5000

Factory cost

 

503000

Add: Office and administrative expenses

 

 

:- Administrative overhead

54000

54000

Cost of production

 

557000

Add: Opening Stock of finished goods

20000

 

Less: Closing stock of finished goods

(30000)

(10000)

Cost of goods sold

 

547000

Add: Selling and distribution overhead

 

 

:- Selling overhead

30000

30000

:- Carriage on sales

 

2000

Cost of sale

 

579000

Profit (579000 * 20 / 100)

 

115800

Total sales amount

 

694800

 

2073 Set D Q. no. 21

Cost Sheet

Particular

Amt.

Amt.

Opening stock of raw material

100000

Add: Purchase of raw material

400000

Less: Closing Stock of raw material

(80000)

Cost of raw material

 

420000

Wages

 

100000

Prime cost

 

520000

Add: Factory overhead

 

 

:- Factory overhead

50000

Less: Sales of a scarp

(5000)

45000

Factory cost

 

565000

Add: Office and administrative Overhead

 

Administrative overhead (10% of 520000)

52000

52000

Cost of production

 

617000

Add: Opening stock of finished goods (2000 X 56)

 

112000

 

Less: Closing stock of finished goods (3000 X 56)

 

(168000)

 

(56000)

Cost of goods sold

 

561000

Add: Selling and distribution overhead

 

 

:- Selling overhead (10000 * 5))

50000

50000

Cost of sale

 

611000

Add: Profit (611000 * 10 / 90)

 

67889

Total sales amount

 

678889

Working note to find sales unit

Sales units = Opening stock + Production units - Closing stock

= 2000 + 11000 - 3000

= 10000 unit


2072 Supp. Q. no. 21

Cost Sheet

Particular

Amt.

Amt.

Opening stock of raw material

4000

Add: Purchase of raw material

100000

Add: Carriage on purchase

2000

Less: Closing Stock of raw material

(14000)

Cost of material consumed

 

92000

Wages

 

32000

Prime cost

 

124000

Add: Factory overhead

 

 

:- Factory employee's salary

16000

:- Work manager's salary

8000

 

:- Factory rent

8000

32000

Factory cost incurred

 

156000

Add: Opening Stock of finished goods

8000

 

Less: Closing stock of finished goods

(4000)

4000

Factory cost

 

160000

Add: Office Overhead

 

:- General expenses

8000

8000

Cost of production

 

168000

Add: Opening Stock of finished goods

12000

 

Less: Closing stock of finished goods

(4000)

8000

Cost of goods sold

 

176000

Add: Selling and distribution overhead

 

 

:- Selling overhead

0

0

Cost of sale

 

176000

Add: Profit (176000 * 20 / 80)

 

44000

Total sales amount

 

220000

Working note to find opening stock

Sales units = Opening stock + Production units - Closing stock

or, 4000 = Op. stock + 5000 - 1000

or, Op. stock = 0 units 


2072 Set D Q. No. 21

Cost sheet

Particular

Amount

Direct materials

400000

Direct wages

200000

Prime cost

600000

Factory / worked overhead

100000

Factory cost

700000

Office overhead

70000

Cost of production

770000

Selling and distribution overhead

0

Total cost

770000

Add: profit (770000 X 20 / 80)

192500

Total Sales

962500

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (10000 / 20000) * 100

                                                                                                         = 50%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (70000 / 700000) *100

                                                                                = 10%

Tender Sheet

Particular

Amount

Direct material

50000

Direct labour

30000

Prime cost

80000

Factory overhead (50% of 30000)

                            15000

Factory cost

95000

Office overhead (10% of 95000)

9500

Cost of production

104500

Sales overhead

0

Total cost

Add: Profit ( 104500* 20)/80

26125

Sales

130625

 

2072 Set E Q. No. 21

Cost sheet

Particular

Amount

Direct materials

600000

Direct wages

400000

Prime cost

1000000

Factory / worked overhead

160000

Factory cost

1160000

Office overhead

232000

Cost of production

1392000

Selling and distribution overhead

0

Total cost

770000

Add: profit (1392000 X 25 / 75)

464000

Total Sales

18560000

 

Percentage of factory overhead on direct labour cost = (Factory overhead / Direct wages) * 100

                                                                                                         = (160000 / 400000) * 100

                                                                                                         = 40%

Percentage of Administrative overhead = (Administrative O.H / Factory cost) * 100

                                                                                = (232000 / 1160000) *100

                                                                                = 20%

Tender Sheet

Particular

Amount

Direct material

700000

Direct labour

500000

Prime cost

1200000

Factory overhead (40% of 500000)

                            20000

Factory cost

1400000

Office overhead (20% of 140000)

280000

Cost of production

1680000

Sales overhead

0

Total cost

1680000

Add: Profit ( 168000 * 25)/75

560000

Sales

2240000



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