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

Direct materials cost: Manufacturing products arise with raw materials that are altered into…

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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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Standard Direct Materials Cost per Unit Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (1,730 bars) are as follows: Ingredient Quantity Price Cocoa 570 lbs. $0.30 per lb. Sugar 180 lbs. $0.60 per lb. Milk 150 gal. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.
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 (2,800 bars) are as follows: Ingredient Quantity Price Cocoa 540 lbs. $0.30 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.40 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
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Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,400 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,300 lbs. $ 0.52 per lb. Vinegar 130 gal. $ 3.20 per gal. Corn syrup 11 gal. $ 11.60 per gal. Salt 52 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 K-111 were as follows: 2,400 lbs. of tomatoes 125 gal. of vinegar 12 gal. of corn syrup 51 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 Cost per Batch Whole tomatoes $ Vinegar $ Corn syrup $ Salt $ Total $ Standard unit materials cost per pound $ b. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent. Enter a…
Fact Pattern: Atlas Foods produces the following three supplemental food products simultaneously through a refining process costing $93,000. The joint products, Alfa and Betters, have a final selling price of $4 per pound and $10 per pound, respectively, after additional processing costs of $2 per pound of each product are incurred after the split-off point. Morefeed, a by- product, is sold at the split-off point for $3 per pound. O A. $60,000 $31,000 $3,000 $30,000 O B. C. Alfa D. Betters Assuming Atlas Foods inventories Morefeed, the by-product, the joint cost to be allocated to Alfa using the net realizable value method is 10,000 pounds of Alfa, a popular but relatively rare grain supplement having a caloric value of 4,400 calories per pound 5,000 pounds of Betters, a flavoring material high in carbohydrates with a caloric value of 11,200 calories per pound Morefeed 1,000 pounds of Morefeed, used as a cattle feed supplement with a caloric value of 1,000 calories per pound
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
The Happy Wimp Co. is in the business of processing corn into oil, sugar, meal, and chaff. Each month the Happy Wimp Co. processes 20,000 pounds. The yields, additional processing costs, and selling prices are: Sales Value at Product Yield Split-off Point Oil 200 lbs. $1.25 Sugar 200 lbs. .80 Meal 500 lbs..40 Chaff 100 lbs..10 Added Costs Price per lb. .50 per lb. $2.00 .30 per lb. 1.30 .60 .10 .20 per lb. 0 Joint processing costs per 1,000 pounds are: raw materials $100, labor $80, and depreciation $4,000/20 = $200; Total $380. Required: a.) Allocate the total joint costs to the different products according to the four allocation methods. Treat chaff as a main product. b.) Allocate the total joint costs to the different products according to the four allocation methods. Treat chaff as a by-product.
Standard Direct Materials Cost per Unit Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,600 bars) are as follows: Ingredient Quantity Price Cocoa 480 Ibs. $0.30 per Ib. Sugar 150 Ibs. $0.60 per Ib. Milk 120 gal. $1.30 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. per bar
Tropikal Co makes fizzy drinks. One of its products, the Opop, requires the following standard input for a litre of output: Materials Litres Cost per litre ($) ($) Carbonated water 1.50 0.90 0.6 0.3 Flavoured syrup 2.00 0.60 Sugar water 0.3 0.80 0.24 1.2 1.74 During June, 6,000 litres of the Opop were made and sold using the following inputs: Materials Actual litres used Actual cost per litre ($) Carbonated water 3,800 1.40 Flavoured syrup 1,400 2.10 Sugar water 1,500 0.95 6,700 What was the favourable yield variance for the Opop for June? Select... V Select... $725 $740 $15 $732
The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June: Direct Materials processed: 27,500 gallons (after shrinkage) Production: Sales: Sales Price: Separable costs in total: A. $35,600 B. $19,428 Butter Cream C. $33,580 Condensed Milk D. $13,000 Butter Cream Condensed Milk Butter Cream Condensed Milk Butter Cream Condensed Milk 12,500 15,000 gallons 12,000 14,500 $4.50 $8.00 $13,000 gallons $35,600 The cost of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 27,500 gallons of saleable product was $53,000. gallons The company uses constant gross-margin percentage NRV method to allocate the joint costs of production. What is the allocated joint costs of Butter Cream? (Round intermediary percentages to the nearest hundredth.) gallons per gallon per gallon
Standard Direct Materials Cost per Unit Billingsly Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (7,100 bars) are as follows: Ingredient Quantity Price Cocoa 600 Ibs. $1.25 per Ib. Sugar 120 Ibs. $0.50 per Ib. Milk 180 gal. $2.60 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places. $ per bar

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