Below is the total Standard Cost for Producing one dozen chocolate chip cookies:

Student 1:

Particulars	Quantity	Rate	Total Standard Cost
Direct Materials
Flour	5Kg	$2.00	$10.00
Sugar	2Kg	$1.00	$2.00
Other Ingredients	1kg	$1.00	$1.00
Direct Labour	8 Hours	$1.50	$12.00
Total Standard Cost			$25.00

Student 2

Step 1

Direct Material Cost for 1 dozen cookies:

Ingredients Total Standard Cost

1 egg 0.30

1/4 cup milk 0.25

3 cups flour 1.00

1 cup chocolate chips 0.75

Other Ingredients 1.25

Total Direct Material Cost 3.55

Direct Labour Cost (1 hour) 0.5

Total Standard Cost= 0.5 + 3.55= $4.05

A) Each group should compare the estimates of its members. Where estimates differ, determine why there were differences. Did assumptions differ? Did some members have more knowledge about the product than others? Form a group estimate of the standard cost of the product.