Standard Direct Materials Cost per UnitRoanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standardcosts for a batch of chocolate (2,850 bars) are as follows:IngredientQuantityPrice420 lbsCocoa0.30 per lb.120 lbs$0.60 per lb.Sugar90 gal$1.60 per galMilkDetermine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.per bar

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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 company manufactures three products, L-Ten, Triol, and Pioze, from a joint process. Each production run costs $12,700. None of the products can be sold at split-off, but must be processed further. Information on one batch of the three products is as follows: Product Gallons Further ProcessingCost per Gallon Eventual MarketPrice per Gallon L-Ten 3,400 $0.40 $2.10 Triol 3,900 1.10 5.30 Pioze 2,400 1.60 6.60 Required: 1. Allocate the joint cost to L-Ten, Triol, and Pioze using the net realizable value method. Round your allocation percentages to four decimal places and round the allocated costs to the nearest dollar. Joint Cost Grades Allocation L-Ten $fill in the blank 1 Triol fill in the blank 2 Pioze fill in the blank 3 Total $fill in the blank 4 2. What if it cost $2.10 to process each gallon of Triol beyond the split-off point? How would that affect the allocation of joint cost to the three products? Round your…
Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,143 bars) are as follows: Ingredient Quantity Price Cocoa 510 lbs. $0.40 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.30 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,800 lbs. $0.48 per lb. Vinegar 210 gal. 2.90 per gal. Corn syrup 18 gal. 10.70 per gal. Salt 84 lbs. 2.70 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: 4,000 lbs. of tomatoes 202 gal. of vinegar 19 gal. of corn syrup 83 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 Standard Costper Batch 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…
Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 4.2 pounds of the material, Ike uses 3.6 pounds of the material, and Bix uses 6.8 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 169.68 105.00 Ike $ 112.56 78.00 Bix $ 212.88 134.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Contribution margin per pound Product Contribution Margin Kin Ike Bix Order in which management should produce and meet demand:
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…
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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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 9 lbs. 6 lbs. $5.30 Sugar 7 lbs. 11 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 5,000 cases 11,500 cases Standard labor rate $14.50 per hr. $14.50 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) 4,800 12,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.40 115,800 Sugar 0.55 161,500 Actual Labor Rate Actual Labor Hours Used Dark…
Truly Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (1,457 bars) are as follows: Ingredient Quantity Price Cocoa 420 lbs. $0.30 per lb. Sugar 120 lbs. $0.60 per lb. Milk 90 gal. $1.20 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.fill in the blank 1 of 1$ per bar
Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 4.5 pounds of the material, Ike uses 4.1 pounds of the material, and Bix uses 6.2 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 173.10 102.00 Ike $ 118.18 78.00 Bix $ 204.34 138.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Contribution margin per pound Product Contribution Margin Kin Ike Bix Order in which management should produce and meet demand:
Almond Treats manufactures various types of cereals that feature almonds. Acme Cereal Company has approached Almond Treats with a proposal to sell the company its top selling cereal at a price of $20,304 for 20,000 pounds. The costs shown are associated with production of 20,000 pounds of almond cereal: Almond Treats cost data Costs Direct material Direct labor Manufacturing overhead Amounts $13,788 3,690 8,000 The manufacturing overhead consists of $2,505 of variable costs with the balance being allocated to fixed costs. If Almond Treats buys the cereal, what is the effect on profit? If the effect is negative, use a dash - not parentheses ().
Subject: acounting

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