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 taskforce was formed to explore the possibility of implementing standard costing in

Background:

 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 taskforce was formed to explore the possibility of implementing standard costing in the company. You were assigned to the taskforce 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:

1. A description of your company
2. A description of the standard costing and its features
3. In what ways standard costing can facilitate planning and control activities in your company

A discussion on whether the standard costing