14. Prepare cost sheet for the month of January (Opening and closing materials)Stock of materials on 1st of January25000Stock of materials on 31st of January26200Purchase of raw materials21900Carriage on purchase110072300Sale of finished goodsDirect wages17200800Non production wagesDirect expensesFactory overheads12008300Administration overheads3200Selling overheads4200

A cost sheet is a statement that breaks up and presents all the components of the cost incurred in a…

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Business

Accounting

14. Prepare cost sheet for the month of January (Opening and closing materials)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

14. Prepare cost sheet for the month of January (Opening and closing materials)
Stock of materials on 1st of January
25000
Stock of materials on 31st of January
26200
Purchase of raw materials
21900
Carriage on purchase
1100
72300
Sale of finished goods
Direct wages
17200
800
Non production wages
Direct expenses
Factory overheads
1200
8300
Administration overheads
3200
Selling overheads
4200

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