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.

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(000) 18000 units Actual production of product XY Actual costs incurred: Direct wages for 32000 hours Direct materials purchased and used (150 000 kg) 210 136 Variable production overhead 38 (000) Variances: Direct materials price Direct materials usage Direct labour rate Direct labour efficiency Variable production overhead expenditure 15 F 9 A 8 A 16 F 6 A Variable production overhead efficiency 4 F Variable production overhead varies with labour hours worked. A standard marginal costing system is operated. You are required to: (16 marks) (9 marks) (a) present a standard product cost sheet for one unit of product XY, (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. (Total 25 marks)