Michael Brown manufactures and sells homemade wine, and he wants to develop a standard cost per litre. The following are requiredfor production of a 300-litre batch:90.00 litres of grape concentrate at $1.40 per litre40.50 kg of granulated sugar at $0.60 per kilogram87.00 lemons at $0.60 each72.00 yeast tablets at $0.25 each69.00 nutrient tablets at $0.20 each112.50 litres of water at $0.10 per litreMichael estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 20% of the lemons cannot be used.Calculate the standard cost of the ingredients for one litre of wine. (Round intermediate calculations and final answer to 3decimal places, e.g. 1.251.)Standard cost of the ingredients for one litre of wine$

The objective of the question is to calculate the standard cost of the ingredients for one litre of…

Answered: Michael Brown manufactures and sells…

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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A 16-gallon beer keg yields about 200 12-oz servings. What would the beverage cost be ona keg costing $85.00? How about premium beer at $150.00? What would the selling pricesbe with 20 percent and 30 percent cost ratios?
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I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Cocoa Dark Chocolate Light Chocolate Standard Price per Pound 9 lb. 6 lb. 7 lb. 11 lb. $5.2 0.6 Sugar Standard labor 0.4 hr. 0.5 hr. time Planned production Standard labor rate Dark Chocolate Light Chocolate 4,200 cases $16.5 per hr. 10,000 cases $16.5 per hr. I Love My Chocolate does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Actual production (cases) Light Chocolate 10,400 Actual Pounds Purchased and Used 4,000 Actual Price per Pound Cocoa Sugar $5.3 0.55 98,900 138,800 Actual Labor Rate Actual Labor Hours Used Dark chocolate $16.2 per hr. 16.8 per hr. 1,460 5,330 Light chocolate Required: Prepare the following variance analyses for both chocolates and…
Coronado Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 3,360 ounces of grape concentrate at $0.02 per ounce 54 pounds of granulated sugar at $0.55 per pound 60 lemons at $0.90 each 150 yeast tablets at $0.26 each 250 nutrient tablets at $0.14 each 2.400 ounces of water at $0.005 per ounce Coronado estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 25% 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) O Show Transcribed Text Coronado estimates that 4% of the grape concentrate is wasted, 10% of the sugar is lost, and 25% 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…
Drew owns a candy store and is constantly trying new gummy bear flavours. They like to run tests to analyze the results before launching new products. Currently, costs are 20% of revenues. Unfortunately, they only have the capacity to introduce one flavour. Using the table below, which flavour would be the most profitable on a per unit basis? Flavour Pistachio Durian Red Curry Kimchi Peppercorn Product revenue, relative to current product mix -0.25% +3% -2% +1% Product costs, relative to current product mix -8% +8% -20% -1.5%
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Mesa Verde manufactures unpainted furniture for the do-it-yourself (DIY) market. It currently sells a table for $75. Production costs per unit are $40 variable and $10 fixed. Mesa Verde is considering staining and sealing the table to sell it for $100. Unit variable costs to finish each table are expected to be an additional $19 per table, and fixed costs are expected to be an additional $3 per table.Prepare an analysis showing whether Mesa Verde should sell stained or finished tables. Please solve this if any more information is needed let me know.
2. What revenue would the sale of the breakeven quantity for $5.50 per gallon generate? IceLess is an anti-icing solution sold in gallon plastic jugs. It is poured into the windshield washer bottle of your car. Wash your windshield and the solution prevents the glass from icing over for about four hours. Production incurs the following fixed and variable costs. It is priced initially at $5.50 per gallon. Fixed costs (per year) Variable Costs per gallon Rent: $18000 Glycol: $1.50 Utilities: 13200 FreezeFree 312: .50 Managerial salaries: 20000 Mfg labor: .20 Flammability permit: 12000 Packaging: .20 Other fixed expense: 2400 Inert ingredients: .60 Total fixed: $65600 Advertising: .30 Total: $3.30
Question 1) Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard cost for a batch of chocolate (2,880 bars) are as follows: Ingredient Quantity Price Cocoa 540lbs $0.30 per lb. Sugar 150lbs $0.60 per lb. Milk 120gal $1.50 per gal. Determine thte standard direct materials cost per bar of chocolate. If required, round to the nearest cent. $_______ per bar __________________________________________________________ Question 2) Refer to the picture
I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 9 lbs. $5.00 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,200 cases 12,100 cases Standard labor rate $15.50 per hr. $15.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,000 12,600 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.10 162,200 Sugar 0.55 211,000 Actual Labor Rate Actual Labor Hours Used Dark…
Ocean and Fish is a takeout food store at a popular beachside resort. Tommy Tillett, owner of Ocean and Fish, is deciding how much refrigerator space to devote to each of four different beverages. Appropriate data on the four beverages follow: Limeade Lemonade Ginger Ale Grape Juice Sales price per case $ 22.10 $ 21.00 $ 22.50 $ 45.70 Variable manufacturing costs per case 12.40 13.90 12.30 31.50 Variable selling cost per case 2.00 4.00 4.00 6.00 Cases sold per foot of shelf space per day 26 26 5 4 Ocean and Fish has a maximum 14 feet of front shelf space to devote to the four beverages combined. Tommy wants to use a minimum of two feet and a maximum of seven feet of front shelf space for each beverage. The contribution margin per case for Limeade is:

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