ASSIGNMENT FIVE Senanoo Manufacturing Company Ghana (SMC-GH) limited was established in October 2015 and after celebration of its second anniversary joined and consistently supported her Executive Director in participating in the annual conferences of the African Continental Conference of Manufacturing Companies (ACCMC), which aims at promoting consolidated continental interest and standardization of cost, processes and procedures of members. The 2020 Delegate Conference of ACCMC was held in Ghana between May 31 and June 4,2020 via Zoom and hosted by Senanoo Manufacturing Company Ghana. It was grandly attended by Executive Directors and Management Consultants of various manufacturing companies all over Africa. The Co-chair of the standing Committee responsible for standardization of team of management consultants and company executives, in their closing remarks concluded that a standard cost installation was desirable vehicle for accomplishing the objectives of a progressive management" and therefore charged members to be mindful and ensure strict compliance. Following the recommendation of the board of directors of SCM-GH in 2019 regarding production process restructuring, an action which was led by the new Executive Director, Emmanuel Selorm, saw the merging and reducing the company's departments to three (3) production departments and two (2) service departments. In order to conclude on the 2019 corporate performance evaluation, the executive director requested the Cost Accountant to make last year cost data available facilitate the evaluation process and he provided the following annual overhead costs for the factory: Details Production Department Service Department Y GH GH GH GH GH Indirect Material 100,000 90,000 110,000 20,000 50,000 Indirect Labour 100,000 100,000 40,000 10,000 10,000 Apportioned costs 165.000 156,000 130,000 25.000 50.000 365,000 346,000 280,000 55.000 110.000 Again, the Cost Accountant indicated that, the company uses a machine hour rate of overhead recovery in its production departments A and B and direct labour hour rate in its production department and therefore made following information available: A B Direct Labour hours Machine Hours 300,000 400,000 250,000 450,000 300,000 60,000 The Cost Accountant further explained that the Service Departments provided service to production departments as follows; A B Service Dept: A 40% 30% 30% Service Dept: B 50% 20% 30% Recently, the company has received an order to produce 1,000 units of product "BB" with Job #2300 which costs GH42,000.00 each in direct materials and GH3,000.00 in direct labour. The product requires rental of specialised equipment costing GH2,200.00 and also requires 30 machine hours (45 direct labour hours) in production departments A and C each and 40 hours in the production department B (60 direct labour hours). You are required to submit report to the Management which should: I. Discuss four (4) uses of standard costs that can be associated with concluding remarks by the co-chair of the standing Committee responsible for standardization Rounded to the nearest Ghana cedi, determine the total selling price of Job #2300 using the current bases of overhead absorption by the company and comment