Task 1: Standard Costing & Variance Analysis Kita Ltd, produces a single product in one of its factory. For control and measurement purposes, a standard costing system was recently introduced and is now in operation. The standards set for the month of May were as follows: Production and sales units Selling price (per unit) Materials: Material XX Material YY Manpower 16,000 RM140 6 kilos per unit at RM12.2S per kilo 3 kilos per unit at RM3.20 per kilo 4.5 hours per unit at RM8.40 per hour Fixed overheads at RM86,400 per month are not absorbed into the product costs. The actual data for the month of May are as follows: Produced 15,400 units, which were sold at RM138.2S each. Materials :LJsed 98,560 kilos of material XX at a total cost of RMI,2S6,640. :Used 42,350 kilos of material YY at a total cost of RM132,979. Labour :Paid an actual rate of RM8.6S per hour to the labour force. The total amount paid out amounted to RM612,766. Overheads (all fixed) RM96,840.