You were recently employed as a management trainee in a manufacturing firm. The Finance Director of your company had recently attended a seminar on standard costing and would like to a task-force was formed to explore the possibility of implementing standard costing in the company. You were assigned to the task-force due to your accounting background. Required: Your group is required to prepare a report to comment on the suitability of standard costing for a manufacturing company of your group’s choice (your company). The report should cover the followings: a) A description of your company b) A description of the standard costing and its features c) In what ways standard costing can facilitate planning and control activities in your company d) A discussion on whether the standard costing is suitable to your company
Sample Solution
