H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Standard Quantity Standard Price 3,500 lbs. $0.52 per lb. 200 gal. 3.20 per gal. 17 gal. 11.60 per gal. 80 lbs. 2.90 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: Whole tomatoes Vinegar Corn syrup Salt 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 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 per Batch Ingredient 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 u positive number. Ingredient Whole tomatoes Vinegar Materials Quantity Variance Favorable/Unfavorable

H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Standard Quantity Standard Price 3,500 lbs. $0.52 per lb. 200 gal. 3.20 per gal. 17 gal. 11.60 per gal. 80 lbs. 2.90 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: Whole tomatoes Vinegar Corn syrup Salt 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 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 per Batch Ingredient 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 u positive number. Ingredient Whole tomatoes Vinegar Materials Quantity Variance Favorable/Unfavorable

Name: Please help me with all answers thanku H.J. Heinz Company uses standar
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Please help me with all answers thanku H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards:Standard QuantityStandard PriceWhole tomatoes3,500 lbs.$0.52 per lb.Vin

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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