Assume your company sells bags of one dozen chocolate chip cookies. These cookies are made in your kitchen for now, as your company is just starting up. Estimate the direct materials and direct labor inputs needed to produce each bag of cookies. For each type of direct material (e.g., flour, sugar, etc.) and direct labor, determine the standard quantity and standard price. Since the cookies are made in your kitchen, you can ignore overhead costs. The result should be a total standard cost (excluding overhead) for the product or service.
DO YOUR OWN ESTIMATES ( MAKE UP ESTIMATES ON YOUR OWN)
Total Standard Cost for Producing one dozen chocolate chip cookies
Particulars | Quantity | Rate | Total Standard Cost |
1.Direct Materials | |||
Flour | 5Kg | $2.00 | $10.00 |
Sugar | 2Kg | $1.00 | $2.00 |
Other Materials | 1kg | $1.00 | $1.00 |
2.Direct Labour | 8 Hours | $1.50 | $12.00 |
Total Standard Cost | $25.00 |
Note : The quantity and rates are based on totally assumption and the expert had no idea of rates in the respective country.
Assume your company sells bags of one dozen chocolate chip cookies. These cookies are made in...
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