8. The following Standard cost information relates to a product of SD Limited: Variable costs Raw material at 16 per kg Direct labour at 24 per hour Variable overhead at 10 per labour hour (10/3, rounded) 4.00 8.00 3.33 Overhead costs Fixed overhead (14/3 rounded to nearest pence) Total standard cost 4.67 20.00 The actual cost of producing 23,200 units was 492,633.76 The company used 5,568 kg of raw material in production, at a cost 2% higher than the Standard. Continued on next page Actual labour time is 21 minutes per unit, producing a total labour cost of 193,256. Variable overhead actually cost 10.90 per hour. The standard for fixed overhead was based on a level of production 800 units higher than the actual level achieved. The actual fixed overhead cost was 120,000. Required: i) Produce a reconciliation of standard cost to actual cost including both cost and usage / efficiency variances. (11 marks) ii) Produce a statement calculating the total actual cost of production, showing the individual component costs. (3 marks) (Total 14 marks)