Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Whole tomatoes Vinegar Corn syrup Salt 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: 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 lbs. of salt Ingredient a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Whole tomatoes Vinegar Corn syrup Salt Total Standard Quantity 3,500 lbs. 200 gal. 17 gal. 80 lbs. Standard unit materials cost per pound Ingredient Whole tomatoes b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Vinegar Corn syrup Standard Price $0.52 per lb. 3.20 per gal. 11.60 per gal. 2.90 per lb. Salt Total direct materials quantity variance Standard Cost per Batch Materials Quantity Variance Favorable/Unfavorab

Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Whole tomatoes Vinegar Corn syrup Salt 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: 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 lbs. of salt Ingredient a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Whole tomatoes Vinegar Corn syrup Salt Total Standard Quantity 3,500 lbs. 200 gal. 17 gal. 80 lbs. Standard unit materials cost per pound Ingredient Whole tomatoes b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Vinegar Corn syrup Standard Price $0.52 per lb. 3.20 per gal. 11.60 per gal. 2.90 per lb. Salt Total direct materials quantity variance Standard Cost per Batch Materials Quantity Variance Favorable/Unfavorab

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Description: Standard Product Cost, Direct Materials VarianceCondiments Company uses standards to control itsmaterials costs. Assume that a batch of ketchup (2,100pounds) has the following standards:Whole tomatoesVinegarCorn syrupSalt3,600 lbs. of tomatoes192 ga

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 (7,650 pounds) has the following standards: 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: a.Determine the standard unit materials cost per pound for a standard batch. b.Determine the direct materials quantity variance for batch 08-99.
Standard product cost, direct materials variance HJ. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards; The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K-111 were as follows: 4,250 lb. of tomatoes 275 gal. of vinegar 22 gal. of corn syrup 90 lb. of salt a. Determine the standard unit materials cost per pound for a standard batch. b. Determine the direct materials quantity variance for batch K-111, Round your answer to the nearest cent.
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…
Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,400 pounds) has the following standards: Ingredient Standard Quantity Standard Price Whole tomatoes 4,000 lbs. $0.38 per lb. Vinegar 220 gal. 2.30 per gal. Corn syrup 19 gal. 8.40 per gal. Salt 88 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: 4,200 lbs. of tomatoes211 gal. of vinegar20 gal. of corn syrup87 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…
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 Whole tomatoes 5,000 lbs. $0.75 per lb. Vinegar 350 gal. 0.90 per gal. Corn syrup 40 gal. 7.50 per gal. Salt 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 follows: 4,900 lbs. of tomatoes 375 gal. of vinegar 36 gal. of corn syrup 140 lbs. of salt 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 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…
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