Reference no: EM132659951
Gemma Sdn. Bhd. manufactures gadgets. Two types of labour are involved in the production of a gadget, skilled and unskilled. In addition, a gadget is made up of two different materials. The following table shows the information for labour and materials as follows:
Per unit of gadget: Skilled labour : 3 hours at RM15 per hour
Unskilled labour : 6 hours at RM3 per hour
Material Y : 5 kg at RM2 per kg
Material Z : 2 metres at RM5 per metre
Variable production overheads are incurred at the rate of RM3 per direct skilled labour hour. The fixed production overheads are absorbed on the basis of direct skilled labour hours. For the forthcoming year, the budgeted fixed production overheads are RM100,000 and budgeted production of gadgets is 10,000 units. Administration, selling and distribution overheads are added to products at the rate of RM20 per unit of gadget, and a mark-up of 15% is made on each.
Required:
Question (a) Prepare a standard cost card which shows the full details of the standard cost per unit of gadget.
Question (b) Explain ANY THREE (3) factors that will have impact on behavior when designing a standard costing system
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