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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

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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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