Intermediate: Product cost calculation From the information given below you are required to:

(a) prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for:
(i) prime cost (ii) variable production cost (iii) total production cost (iv) total cost

(b) calculate the selling price per unit allowing for a profit of 15% of the selling price.
The following data are given:

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Budgeted output for the year Standard details for one unit: Direct materials 40 square metres at 5.30 per square metre Direct wages: Bonding department 48 hours at 2.50 per hour Finishing department 30 hours at 1.90 per hour Budgeted costs and hours per annum: 9800 units Variable overhead: () (hours) Bonding department 375 000 500 000 Finishing department 150 000 300 000 Fixed overhead: Production 392.000 Selling and distribution 196000 Administration 98 000