Cost Accounting solved examples on cost sheet

The accounts of Basudev Manufactures Ltd. for the year ended 31st December 1988 show the following:
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Find out:
ADVERTISEMENTS:
(a) Material Consumed
(b) Prime Cost
(c) Works Cost
(d) Cost of Production
(e) Total Cost and
(f) Sales.
Solution:
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ADVERTISEMENTS:
Problem 2:
Prepare a Cost Sheet for the year ended 31.3.86 from the following figures extracted from the books of Best Engineering Co.
Opening Stock:
(i) Raw Material 40,350,
(ii) Work-in-Progress 15,000 and
(iii) Finished Stock 35,590.
Cost incurred during the period:
Materials purchased 2,50,000, Wages paid 2,00,000, Carriage inward 2,000, Consumable Stores 10,000, Wages of Storekeeper 7,000, Depreciation of Plant & Machinery 10,000, Materials destroyed by Fire 5,000, Repairs & Renewals 5,010, Office Manager’s Salary 10,000, Salary to Office Staff 20,500, Printing & Stationary 10,000, Power 10,500, Lighting for Office Building 2,000, Carriage outward 3,000, Freight 5,000, Entertainment 2,500, Warehousing charges 1,500, Legal charges 2,000, Expenses for participating in Industrial exhibition-6,000.
Closing Stock:
(i) Raw material 35,000,
(ii) Work-in-Progress 14,500, and
(iii) Finished Stock 40,030. Profit 25% on cost.
Solution:
Best Engineering Co.
Cost Sheet:
for the year ended 31.3.86
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