Joseph Moore manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 48-gallon batch. 2,880 ounces of grape concentrate at $0.05 per ounce 51 pounds of granulated sugar at $0.30 per pound 56 lemons at $0.60 each 48 yeast tablets at $0.25 each 48 nutrient tablets at $0.20 each 2,480 ounces of water at $0.005 per ounce Joseph estimates that 5% of the grape concentrate is wasted, 12% of the sugar is lost, and 26% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine. (Round intermediate calculations and final answer to 2 decimal places, eg. 1.25.) Standard Cost Per Gallon $ %24

Joseph Moore manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 48-gallon batch. 2,880 ounces of grape concentrate at $0.05 per ounce 51 pounds of granulated sugar at $0.30 per pound 56 lemons at $0.60 each 48 yeast tablets at $0.25 each 48 nutrient tablets at $0.20 each 2,480 ounces of water at $0.005 per ounce Joseph estimates that 5% of the grape concentrate is wasted, 12% of the sugar is lost, and 26% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine. (Round intermediate calculations and final answer to 2 decimal places, eg. 1.25.) Standard Cost Per Gallon $ %24

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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