Standard Product Cost, Direct Materials VarianceH.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards:Standard Quantity Standard Price5,000 lbs.$0.75 per lb.350 gal.0.90 per gal.40 gal.7.50 per gal.125 lbs.1.80 per lb.The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as fol4,900 lbs. of tomatoes375 gal. of vinegar36 gal. of corn syrup140 lbs. of saltWhole tomatoesVinegarCorn syrupSalta. Determine the standard unit materials cost per pound for a standard batch. Round the per unit answer to the nearest whole cent.Standard Costper BatchIngredientWhole tomatoesVinegarCorn syrupSaltTotalStandard unit materials cost per poundh Determine the direct matoUITGENquantity variance for hatch 08-90 Tf romui

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Description: Standard Product Cost, Direct Materials VarianceH.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards:Standard Quantity Standard Price5,000 lbs.$0.75 per lb.350 ga

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Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price 5,000 lbs. 350 gal. 40 gal. 125 lbs. Whole tomatoes Vinegar Corn syrup Salt $0.75 per lb. 375 gal. of vinegar 36 gal. of corn syrup 140 lbs. of salt 0.90 per gal. 7.50 per gal. 1.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were 4,900 lbs. of tomatoes

Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price 5,000 lbs. 350 gal. 40 gal. 125 lbs. Whole tomatoes Vinegar Corn syrup Salt $0.75 per lb. 375 gal. of vinegar 36 gal. of corn syrup 140 lbs. of salt 0.90 per gal. 7.50 per gal. 1.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were 4,900 lbs. of tomatoes

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter23: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 7E: H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup...

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eBook Show Me How Question Content Area Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (1,700 pounds) has the following standards: Ingredient Standard Quantity Standard Price Whole tomatoes 2,800 lbs. $0.41 per lb. Vinegar 160 gal. 2.50 per gal. Corn syrup 14 gal. 9.10 per gal. Salt 64 lbs. 2.30 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: 2,900 lbs. of tomatoes154 gal. of vinegar15 gal. of corn syrup63 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Ingredient Standard Costper Batch Whole tomatoes $fill in the blank 1 Vinegar fill in the blank 2 Corn syrup fill in the blank 3 Salt fill in the blank 4 Total $fill in the blank 5…
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