TIR Question 2 From the information given below you are required to (a) Prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for: (i) prime cost: (ii) variable production cost; (iii) total production cost: (iv) total cost. (b) Calculate the selling price per unit allowing for a profit of 15 per cent of the selling price. The following data are given: Budgeted output for the year 9800 units Standard details for one unit: Direct materials 40 square metres at 5.30 per square metre Direct wages: Bonding department 48 hours at 12.50 per hour Finishing department 30 hours at 7.60 per hour Budgeted costs and hours per annum: Variable overhead: () Bonding department 375 000 Finishing department 150 000 Fixed overhead: (hours) 500 000 300 000 () (hours) 392 000 Production 196 000 Selling and distribution Administration 98000