The following data relate to actual output, costs and variances for the four- weekly accounting period number 4 of a company that makes only one product. Opening and closing work in progress figures were the same.
| (£000) | ||
| Actual production of product XY | 18 000 units | |
| Actual costs incurred: | ||
| Direct materials purchased and used (150 000 kg) | 210 | |
| Direct wages for 32 000 hours | 136 | |
| Variable production overhead | 38 | |
| (£000) | ||
| Variances: |
| |
| Direct materials price | 15 F | |
| Direct materials usage | 9 A | |
| Direct labour rate | 8 A | |
| Direct labour efficiency | 16 F | |
| Variable production overhead expenditure | 6 A | |
| Variable production overhead efficiency | 4 F | |
Variable production overhead varies with labour hours worked.
A standard marginal costing system is operated.
You are required to;
(a) Present a standard product cost sheet for one unit of product XY,
(b) Describe briefly three types of standard than can be used for a standard costing system, stating which is usually preferred in practice and why.
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