Understanding Costing in TYBCOM Sem V with Dr. Satish Naringrekar
Explore the comprehensive study of costing including cost classification, composition of selling price, cost sheet format, prime cost, factory overheads, office and administrative overheads, cost of production, distribution overheads, and more in TYBCOM Sem V with the expert guidance of Faculty Dr. Satish Naringrekar. Dive deep into the intricacies of cost accounting through detailed visuals and explanations provided in this educational material.
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Presentation Transcript
TYBCOM SEM V COSTING Faculty Dr. Satish Naringrekar
Less: Closing stock of Raw materials Materials returned to suppliers DIRECT WAGES: Wages to Productive Workers Direct expenses: Royalty Maintenance cost of special Mac on Production Cost of Patents Cost of Drawings, designs, layouts,etc PRIME COST Factory Overheads: Factory Rent, Rate, Insurance Factory lighting Factory Supervision Motive Power
Fuels & Oil Grease, water, etc Steam Drawings Office Salaries Depreciation of Plant & machinery Technical Directors Fees Haulage Machinery Loose Tools w/off Machinery handling charges Factory stationery Works managers salary Works Clerical staff salary Supervisors Salary Store Keepers Salary
Less: Scrap Sales Add: Opening work in Progress Less: Closing work in progress Factory Cost Office & Administrations Overheads: Office Rent, rates & taxes AC Charges Staff salaries Office lighting Office Cleaning Printing & Stationery Directors fees Sundry expenses Legal expenses
Cost of Production Add: opening stock of Finished goods Less: Closing stock of Finished Goods Cost of Finished Goods sold Selling & Distribution overheads: Advertisement Travelling expenses Commission on sales Sales salaries Discount allowed
Exhibition and fairs Entertainment Expenses of Sales staff Baddebts Sample & Gifts After Sales Demonstration Expenses Loading charges Carriage on sales Rent on warehouse Total cost of sales Profit Sales
COST SHEET (Alternative Format) Direct Cost Direct Material consumed Direct or productive wages Direct Expenses Prime Cost Add: Factory overheads Works of Factory cost Add: Office & Admin overheads Cost of Production Add: opening stock of finished goods Less: Closing stock of Finished goods Cost of Goods Sold Add: Selling & Distribution overheads Cost of Sales Add: Profit Sales
Problem: From the following information, Prepare a cost sheet Rs. 25,000 26,200 21,900 1,100 72,300 17,200 800 1,200 8,300 3,200 4,200 Stock of Raw Materials on 1stJan Stock of Raw materials on 31stJan Purchase of Raw material Carriage on Purchases Sales of Finished goods Direct wages Non-productive wages Direct Expenses Factory Overheads Administrative overheads Selling Overheads
