Cost Sheet

Which of the following is not included in prime cost?

• Direct materials
• Labor costs
• Variable costs
• Manufacturing overhead

Factory cost is also known as

• Manufacturing cost
• Labor cost
• Operational cost
• Production cost

Work in Progress means

• Tasks that are completed and ready for delivery.
• Items that are on hold and not being worked on.
• Finalized projects awaiting approval.
• Work in Progress refers to tasks or items that are currently being worked on and are not yet completed.

Administrative overheads are added to the factory cost to get

• Net profit
• Variable costs
• Total cost of production
• Direct labor costs

Opening stock of raw materials + Purchases – Closing stock of raw materials =

• Cost of goods manufactured

• Raw materials consumed

• Prime cost

• Total cost

Which item is deducted while calculating cost of goods sold?

• Closing stock of raw material

• Closing stock of finished goods

• Opening stock of finished goods

• Selling overheads

Which of the following is not a component of total cost?

• Direct wages

• Factory rent

• Interest on capital

• Advertisement expenses