(a)[2]
Explain what the term 'standard costing' means.
(b(i))[2]
Calculate the variance for material price.
(b(ii))[2]
Calculate the variance for material usage.
(b(iii))[2]
Calculate the variance for labour rate.
(b(iv))[2]
Calculate the labour efficiency variance using the figures given.
(c)[8]
Analyse the likely reasons for the variances calculated in (b).
(d)[4]
Calculate Billyjo's actual profit for April.
(e)[3]
Recommend ways Billyjo could improve the performance of his business.