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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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.