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Statement of Cost Sheet

Statement of Cost Sheet

FINANCIAL ACCOUNTING
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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E 38 Statement of Cost Sheet 39 Particulars Amount (OMR) Amount (OMR) 40 Material Consumed 80,400 Direct expenses 12,000 41 42 Prime Cost 92,400 Factory Overhead 21,400 43 Opening balance of WIP 17,000 44 Closing balance of WIP (13,000) 45 Sale of Scrap 25,400 46 47 Works cost 117,800 48 Office and admin. cost 31,900 31,900 Cost of production 149,700 49 Opening balance of Finished Goods 13,000 50 Closing balance of Finished Goods (9,500) 3,500 51 Cost of goods sold 153,200 52 Selling and Distribution overhead 41,863 53 Cost of Sales 195,063 54 55 Profit 59,937 56 Sales 255,000 57 Profit % on cost 30.73%
Transcribed Image Text:E 38 Statement of Cost Sheet 39 Particulars Amount (OMR) Amount (OMR) 40 Material Consumed 80,400 Direct expenses 12,000 41 42 Prime Cost 92,400 Factory Overhead 21,400 43 Opening balance of WIP 17,000 44 Closing balance of WIP (13,000) 45 Sale of Scrap 25,400 46 47 Works cost 117,800 48 Office and admin. cost 31,900 31,900 Cost of production 149,700 49 Opening balance of Finished Goods 13,000 50 Closing balance of Finished Goods (9,500) 3,500 51 Cost of goods sold 153,200 52 Selling and Distribution overhead 41,863 53 Cost of Sales 195,063 54 55 Profit 59,937 56 Sales 255,000 57 Profit % on cost 30.73%
E 38 Statement of Cost Sheet Particulars Amount (OMR) Amount (OMR) 39 40 Material Consumed 80,400 Direct expenses 12,000 41 42 Prime Cost =sum(D40:D41) Factory Overhead Opening balance of WIP 43 21,400 44 17,000 Closing balance of WIP (13,000) 45 Sale of Scrap 0 =sum(D43:D46) 46 47 Works cost =sum(E42:E46) 48 Office and admin. cost 31,900 31,900 Cost of production |=E47+E48 49 Opening balance of Finished Goods 13,000 50 Closing balance of Finished Goods (9,500) =sum(D50:D51) 51 Cost of goods sold =sum(E49:E51) 52 Selling and Distribution overhead 41,863 53 |=E52+E53 =E56-E54 54 Cost of Sales 55 Profit 56 Sales 255,000 Profit % on cost |=E55/E54 57
Transcribed Image Text:E 38 Statement of Cost Sheet Particulars Amount (OMR) Amount (OMR) 39 40 Material Consumed 80,400 Direct expenses 12,000 41 42 Prime Cost =sum(D40:D41) Factory Overhead Opening balance of WIP 43 21,400 44 17,000 Closing balance of WIP (13,000) 45 Sale of Scrap 0 =sum(D43:D46) 46 47 Works cost =sum(E42:E46) 48 Office and admin. cost 31,900 31,900 Cost of production |=E47+E48 49 Opening balance of Finished Goods 13,000 50 Closing balance of Finished Goods (9,500) =sum(D50:D51) 51 Cost of goods sold =sum(E49:E51) 52 Selling and Distribution overhead 41,863 53 |=E52+E53 =E56-E54 54 Cost of Sales 55 Profit 56 Sales 255,000 Profit % on cost |=E55/E54 57
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