The following data relate to actual output, costs and variances for the four-weekly accounting period number 4 of a company that makes only one product. Opening and closing work in progress figures were the same.

You are required to:

(a) present a standard product cost sheet for one unit of product XY, (16 marks)

(b) describe briefly three types of standard that can be used for a standard costing system, stating which is usually preferred in practice and why.Appendix

Transcribed Image Text:

Actual production of product XY Actual costs incurred: Direct materials purchased and used (150 000 kg) Direct wages for 32 000 hours Variable production overhead (000) 18.000 units 210 136 38