a. Determine the standard unit materials cost per pound for a standard batch. Round the per unit answer to the nearest whole cent. Ingredient Standard Cost per Batch Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound b. Determine the direct materials quantity variance for batch K-111. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to t Materials Quantity Variance Favorable/Unfavorable Ingredient Tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance

a. Determine the standard unit materials cost per pound for a standard batch. Round the per unit answer to the nearest whole cent. Ingredient Standard Cost per Batch Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound b. Determine the direct materials quantity variance for batch K-111. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to t Materials Quantity Variance Favorable/Unfavorable Ingredient Tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance

Name: Standard Product Cost, Direct Materials VarianceH.J. Heinz Company us
Uploaded: 2024-03-20T06:33:06.000Z
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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 (3,128 pounds) has the following standards:Standard QuantityStandard PriceWhole tomatoes4,000 lbs.$ 0.60

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The management of Earth Barber Lawnmowers has calculated the following variances: Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Select one: $8000 U 5000 F Fixed overhead cost variance 4000 F Fixed overhead volume variance 2,500 F When determining the total product cost flexible budget variance, what is the total fixed overhead variance of the company? A. $7000 F B. $4000 F C. $9000 F D. $5000 F 37,000 F 18,000 F 12,000 U 3000 F
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Feel soft Beauty cosmetics manufacturing company produces two products, Sunscreen and Moisturizer creams. The company gives the following information. Products Standard Quantity (Units) Standard Price ($) Actual Quantity (Units) Actual Price ($) Sunscreen 40 50 50 50 Moisturizer 60 40 60 45 Required to Calculate the following Feel soft Beauty cosmetics co. Material Price variance Material cost variance Material usage variance Explain the following variances. Sales mix variance Sales volume variance Explain the term divisional performance and explain any two common measures of divisional performance.
Title Calculate the material quantity variance. Description (JIT variances) Natural Gardens makes recylcable pots for plants and uses JIT to manage inventories and production. The following are standards for a typical 1-gallon pot: Annual Material Standards 32 ounces of Component X × $0.02 $0.64 2 ounces of Component Y × $0.05 0.10 $0.74 Current Material Standards 27 ounces of Component X × $0.02 $0.54 4 ounces of Component Y × $0.05 0.20 $0.74 In-house experiments indicated that changing the material standard would make the pots stronger, so the company issued an engineering change order for the product in February; this ECO established the current material standards. March production was 8,000 pots. Usage of raw material (all purchased at standard price) in March was 220,000 ounces of Component X and 31,000 ounces of Component Y. a. Calculate the material quantity variance. b. Calculate the ECO variance. c. Summarize the…
B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…
See attached image Required:Calculate Parker Plastic’s direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
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Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (3 lb. @ $7.00/lb.) $21 $46,080 Actual (6,400 lb. @ $7.20/lb.) Direct labor Standard (0.5 hr. @ $19/hr.) $9.50 Actual (950 hrs. @ $18.70/hr.) 17,765 Variable overhead Standard (0.5 hr. @ $9/hr.) $4.50 Actual 9,300 $35 $73,145 Total
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