Cost Sheet

Historical Cost sheet is prepared on the basis of ________________data.

• estimated

• historical

• presumed

• none of above

Unit Costing is a method of costing to compute the cost of ________ product produced during a costing period.

• joint

• batch

• unit/each

• by-product

Unit Costing is a method of costing, suitable in a situation where all goods produced during costing period are ___________ nature.

• homogenous

• hetrogennous

• both of above

• none of above

Costing period is a period in which costs of a particular product is ascertained. The costing period may be ___________.

• annual or biannual

• quarterly or monthly

• fortnightly or weekly

• any of the above

Prime Cost = ______________________

• material cost + labor cost + overhead charges

• direct material cost + direct labor cost + direct expenses

• material cost + labor cost + all expenses

• any of the above

Select the most appropriate combination (matching)

A. Raw Material 1. Works Cost

B. Work in Progress 2. Cost of goods sold

C. Finished Stock 3. Material Consumed

• A,1

  B,2

  C,3

• A,3

  B,1

  C,2

• A,2

  B,3

  C,1

• A,3

  B,2

  C,1

Compute cost of raw material consumed on the basis of following information________.

1. Opening stock of raw material and finished goods Rs. 10000 and Rs. 25000 respectively,

2. Closing stock of raw material and finished goods Rs. 15000 and Rs. 55000 respectively.

3. Purchases and sales made during the year Rs. 60000 and Rs. 120000 respectively.

• 55000

• 140000

• 25000

• 85000

What will be the Selling price?

• Rs. 9

• Rs. 9.20

• Rs. 10.2

• Rs. 8.60

The cost of goods sold =

• Works Cost + Administrative Overheads + Adjustment of Stock (WIP)

• Prime Cost + Factory Overheads + Adjustment of stock (WIP)

• Works Cost + Administrative Overheads + Adjustment of Stock (Finished Stock)

• Works Cost + Administrative Overheads + Selling and Distribution of Overheads + adjustment of stock (finished stock)

if the profit is 30% on sale and cost of sale is Rs. 147000 then what would be the amount of profit and sales.

• Profit=63000

  Sales=210000

• Profit=343000

  Sales=490000

• Profit= 44100

  sales =191100

• None of the above