Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,400 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 4,000 lbs. $0.46 per lb. 220 gal 2.80 per gal. Vinegar 10.20 per gal 19 gal Corn syrup 88 lbs 2.60 per lb 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: 4,200 lbs. of tomatoes 211 gal. of vinegar 20 gal. of corn syrup 87 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent Standard Cost Ingredient per Batch Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound 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. Materials Quantity Ingredient Variance Favorable/Unfavorable $ Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance

Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,400 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 4,000 lbs. $0.46 per lb. 220 gal 2.80 per gal. Vinegar 10.20 per gal 19 gal Corn syrup 88 lbs 2.60 per lb 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: 4,200 lbs. of tomatoes 211 gal. of vinegar 20 gal. of corn syrup 87 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent Standard Cost Ingredient per Batch Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound 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. Materials Quantity Ingredient Variance Favorable/Unfavorable $ Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: 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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