IM 2.4 Intermediate: Product cost calculation. From the information given below you IM 2.2 Basic: Cost classification. A company manufactures and retails clothing. You are required to: are required to group the costs which are listed below and numbered (1) - (20) into the following classifcations (each cost is intended to belong to only one (a) Prepare a standard cost sheet for one unit and enter on the standard cost classifications): sheet the costs to show sub-totals for: (1) prime cost; direct materials; (ii) variable production cost; direct labour; (iii) total production cost; (iii) direct expenses; (iv) total cost. (iv) indirect production overhead; (V) research and development costs; (b) Calculate the selling price per unit allowing for a profit of 15 percent of the (vi) selling and distribution costs; selling price. The following data is given: (vii) administration costs; (viii) finance costs. Budgeted output for the year 9,800 units lubricantfor sewing machines; Standard details for one unit: 2. floppy disks for general office computer; Direct materials 40 square metres at $5.30 per square meter 3. maintenance contractfor general office photocopying machines; 4. telephone rental plus metered calls; Direct wages: interest on bank overdraft; Bonding department 48 hours at $12.50 per hour 6. Performing Rights Society charge for music broadcast throughout the factory; Finishing department 30 hours at $7.60 per hour 7. marketresearch undertaken prior to a new productlaunch; . wages of security guards forfactory; Budgeted costs and hours per annum: 9. carriage on purchase of basic raw material; 10. royalty payable on number of units of product XY produced; +Variable overhead: 11. road fund licences for delivery vehicles; (E) (hours) 12. parcels sentto customers; Bonding department 375,000 500,000 13. cost of advertising products on television; Finishing department 150,000 300,000 14. auditfees; 15. chief accountant's salary; Fixed overhead: 16. wages of operatives in the cutting department; (E) (hours) 17. cost of painting advertising slogans on delivery vans; Production 392,000 18. wages of storekeepers in materials store; Selling and distribution 196,000 19. wages of fork lift truck drivers who handle raw materials; Administration 98,000 20. developing a new product in the laboratory