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  1. business
  2. accounting
  3. b) using the standard costing method and the templ

b) Using the standard costing method and the template shown in Table 1.2, produce a...

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Accounting

b) Using the standard costing method and the template shown in Table 1.2, produce a basic account sheet to
calculate the net profit/loss for a month pre and post the introduction of QC. Assume that the values before QC
are the standard, and you have also been given the following information:
The company produces 50 batches of circuits each day.
There are 20 production days in a month.
Raw materials for each circuit costs 0.10.
Each circuit is sold for 0.75.
All units that pass quality control are sold.
The monthly wage bill is 19,500 before the new manager is hired, and 21,000 afterwards.
The company pays 3,000 a month in rent.
Overheads were 300 in the month before QC, and 275 in the month after QC.
Variances were 8.460 in the month before QC, and 10,320 the month after.
Table 1.2 Costing Table Template
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