H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,800 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes Vinegar Corn syrup Salt 4,700 lbs. $0.42 per lb. 260 gal. 2.60 per gal. 22 gal. 104 lbs. 9.30 per gal. 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: 4,900 lbs. of tomatoes 250 gal. of vinegar 23 gal. of corn syrup 103 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 Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound Standard Cost per Batch

H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,800 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes Vinegar Corn syrup Salt 4,700 lbs. $0.42 per lb. 260 gal. 2.60 per gal. 22 gal. 104 lbs. 9.30 per gal. 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: 4,900 lbs. of tomatoes 250 gal. of vinegar 23 gal. of corn syrup 103 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 Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound Standard Cost per Batch

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Description: i need the answer quickly H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,800 pounds) has the following standards:Whole tomatoesVinegarCorn syrupSaltStandard Quantity Standard Price4,700 lbs.$0.42 p

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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H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,700 pounds) has the following standards: Ingredient Standard Quantity Standard Price Whole tomatoes 4,500 lbs. $0.37 per lb. Vinegar 250 gal. 2.30 per gal. Corn syrup 22 gal. 8.20 per gal. Salt 100 lbs. 2.10 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: 4,700 lbs. of tomatoes240 gal. of vinegar23 gal. of corn syrup99 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 Standard unit materials cost per pound $fill in the blank 6 b. Determine the direct materials…
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