Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Whole tomatoes Vinegar Corn syrup Salt 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: 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 lbs. of salt Ingredient a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Whole tomatoes Vinegar Corn syrup Salt Total Standard Quantity 3,500 lbs. 200 gal. 17 gal. 80 lbs. Standard unit materials cost per pound Ingredient Whole tomatoes b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Vinegar Corn syrup Standard Price $0.52 per lb. 3.20 per gal. 11.60 per gal. 2.90 per lb. Salt Total direct materials quantity variance Standard Cost per Batch Materials Quantity Variance Favorable/Unfavorab

Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,100 pounds) has the following standards: Whole tomatoes Vinegar Corn syrup Salt 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: 3,600 lbs. of tomatoes 192 gal. of vinegar 18 gal. of corn syrup 79 lbs. of salt Ingredient a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Whole tomatoes Vinegar Corn syrup Salt Total Standard Quantity 3,500 lbs. 200 gal. 17 gal. 80 lbs. Standard unit materials cost per pound Ingredient Whole tomatoes b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Vinegar Corn syrup Standard Price $0.52 per lb. 3.20 per gal. 11.60 per gal. 2.90 per lb. Salt Total direct materials quantity variance Standard Cost per Batch Materials Quantity Variance Favorable/Unfavorab

Name: Standard Product Cost, Direct Materials VarianceCondiments Company us
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Description: Standard Product Cost, Direct Materials VarianceCondiments Company uses standards to control itsmaterials costs. Assume that a batch of ketchup (2,100pounds) has the following standards:Whole tomatoesVinegarCorn syrupSalt3,600 lbs. of tomatoes192 ga

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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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…
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