Information relating to actual costs and variances for year 2019 is shown below. The budgeted production for year 2019 was 42,000 products.

Actual data

Actual production	43,200 products
Direct materials costs:32,400 kg	RM162,000
Direct labour costs: 17,280 hours	RM217,728
Variable production overhead costs	RM108,000
Fixed production overhead costs	RM170,400

Variances

Direct material price variance	RM8,100 (F)
Direct material usage variance	RM11,340 (F)
Direct labour rate variance	RM1,724 (F)
Direct labour efficiency variance	RM54,864 (F)
Variable production overhead expenditure variance	RM864 (A)
Variable production overhead efficiency variance	RM26,784 (F)
Fixed production overhead variance	RM7,550 (A)

The company operates a standard variable costing system.

REQUIRED 

Using the information provided above, prepare:

(a)        The standard cost card for one product.                                                                

(b)       A flexible budget performance report showing the fixed budget, flexed budget, actual results and flexible budget variances for the year

(c)        Do you agree or disagree with the following statement? Justify your answer with refer to part 3(a) and 3(b).

            Flexible budget is useful for controlling purpose in an organization.