Description

Cost Accounting
Dec 2023 Examination
Q1. Following information has been collected for Ok Ltd. for the month December
2023. You are required to prepare a cost sheet to compute:
a. Raw Materials Consumed
b. Prime Cost
c. Factory Cost
d. Cost of goods sold
e. NetProfit (10 Marks)
Particulars
On 1st Dec,
23
On 31st Dec,
Cost of Raw Materials 24000 203000
Cost of Work-In-Progress 4800 6000
Cost of Finished Goods 36000 44000
Purchase of Raw Material during the
mWoangtehs Paid 196902000
Factory Overheads 40000
Administration Overheads (Production) 20000
Selling and Distribution Overheads 10000
Sales 400000
Ans 1.
Introduction
A cost Sheet is a statement, prepared at given intervals, which offers information regarding
factors of cost incurred in production. It discloses the total price and the cost per unit of the
product manufactured during the given duration. Comparative columns can be provided in
the cost sheet if it’s desired to compare a particular period’s costing results with any preceding
periods.
The fee sheet is prepared to ascertain the value of a product/job/operation to give quotations
or to determine the tender price for the supply of goods or services.
A cost sheet is an exercise in collecting information regarding all the prices incurred in the
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Q2. Using the “Weighed Average” method of valuing the issues from the following
details of stores receipts and issues of material in a manufacturing unit, you are
required to prepare the Stock Ledger:. (10 Marks)
Dec. 1 Opening Stock 9,000 units @ Rs. 5 each
Dec. 3 Issued 6,750 units to Production
Dec. 4 Received 20,250 units @ Rs. 6.00 each
Dec. 8 Issued 7,200 units to Production
Dec. 9 Returned to stores 450 units by Production Department (from the
issues
of Dec 3)
Dec. 16 Received 10,800 units @ Rs. 6.50 each
Dec. 19 Returned to the supplier 900 unit out of the quantity received on Dec. 4
Dec. 20 Received 4,500 units @ Rs. 7.00 each
Dec. 24 Issued to Production 9,450 units
Dec. 27 Received 5,400 units @ Rs. 7.50 each
Dec. 29 Issued to Production 12,600 units (use rates up to two decimal places)
Ans 2.
Introduction
A stock ledger is a company’s detailed record to track stock movements. This can follow a
stock of products or a list of shares and their owners. The intended meaning is generally
apparent from the context. In both cases, the record may be used in tax declarations and other
financial statements, creating a valuable resource for internal reference where people may
want detailed facts on current stock.
In a stock, the stock ledger records products accepted and sold. When shipments arrive,
personnel can input crucial details, including the number of products, value, and arrival date.
Q3a. Opening stock of work- in-progress 90,000 units 40% complete.
Units completed: 7,20,000
Units put into process: 6,75,000
Closing stock of work- in-progress 45,000 units, 60% complete.
Calculate equivalent production.. (5 Marks)
Ans 3a.
Introduction
Equivalent production presents the production of a process in terms of co-units. At the end of
any given period, there are likely to be partly completed devices (work-in-process). Some of
the costs during this period are attributable to the devices which still need to be met.
The concept of equivalent units is required to spread the total costs equitably over partb.
Max Ltd. produces four products in a manufacturing process. The Company
produced 22,500 units of A, 45,000 units of B, 33,750 units of C and 56,250 units of D.
The costs before split off point for the four products were Rs. 3,15,000. Using the
average unit cost method:
(i) Calculate the unit cost, and
(ii) How, the joint cost would be apportioned amount the products.
Ans 3B)
(i) Introduction
The average fee method calls for minimal labor and is the least pricey. In addition to the ease
of applying the (ACM) standard price method, income can’t be as manipulated as other
inventory-costing methods. Businesses that promote merchandise indistinguishable from each
other or find it hard to determine the price linked with individual devices will favor using the
(ACM) average price method. This also enables massive volumes of similar items to pass via