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4. H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards: Ingredient Whole tomatoes Vinegar Corn syrup Salt Standard Quantity 4,000 lbs. 270 gal. 25 gal. 100 lbs. Actual Quantity Standard Price 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: 4,275 lbs. of tomatoes 275 gal. of vinegar 20 gal. of corn syrup 90 lbs. of salt $.65 per lb. 2.25 per gal. 28.00 per gal 2.25 per lb. 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.

4. H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards: Ingredient Whole tomatoes Vinegar Corn syrup Salt Standard Quantity 4,000 lbs. 270 gal. 25 gal. 100 lbs. Actual Quantity Standard Price 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: 4,275 lbs. of tomatoes 275 gal. of vinegar 20 gal. of corn syrup 90 lbs. of salt $.65 per lb. 2.25 per gal. 28.00 per gal 2.25 per lb. 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.

FINANCIAL ACCOUNTING
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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4. H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards: Ingredient Whole tomatoes Vinegar Corn syrup Salt Standard Quantity 4,000 lbs. 270 gal. 25 gal. 100 lbs. Actual Quantity Standard Price 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: 4,275 lbs. of tomatoes 275 gal. of vinegar 20 gal. of corn syrup 90 lbs. of salt $.65 per lb. 2.25 per gal. 28.00 per gal 2.25 per lb. 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.
Transcribed Image Text:4. H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards: Ingredient Whole tomatoes Vinegar Corn syrup Salt Standard Quantity 4,000 lbs. 270 gal. 25 gal. 100 lbs. Actual Quantity Standard Price 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: 4,275 lbs. of tomatoes 275 gal. of vinegar 20 gal. of corn syrup 90 lbs. of salt $.65 per lb. 2.25 per gal. 28.00 per gal 2.25 per lb. 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.
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