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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Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,200 Ibs. $0.42 per Ib. Vinegar 120 gal. 2.60 per gal. Corn syrup 10 gal. 9.30 per gal. Salt 48 Ibs. 2.30 per Ib. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows 2,300 lbs. of tomatoes 115 gal. of vinegar 11 gal. of corn syrup 47 Ibs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Standard Cost Ingredient per Batch Whole tomatoes 2$ Vinegar Corn syrup Salt Total Standard unit materials cost per pound %24
Calculating the Direct Materials Mix Variance Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia developed the following standard mix for spreading on premade pizza shells to produce 16 giant-size sausage pizzas.
Variances and Journal Entries Jacobs Company manufactures a single product and uses a standard costing system. The nature of its product dictates that it be sold in the period it is produced. Thus, no ending work in process or finished goods inventories remain at the end of the period. However, raw materials can be stored and are purchased in bulk when prices are favorable. Per-unit standard product costs are material, $8 (4 pounds); labor, $6 (0.5 hour); and variable overhead, $4 (based on direct labor hours). Budgeted fixed overhead is $54,000. Jacobs accounts for all inventories and cost of goods sold at standard cost and records each variance in a separate account. The following data relate to May when 17,700 finished units were produced. a. Assume Jacobs purchased 69,000 pounds of raw materials on account at $2.20 per pound and used 67,000 pounds in May's production, prepare a journal entry to record the purchase of raw materials and a separate journal entry to record the use of…
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Show the solution in good accounting form Compute for the materials variance MARICOL Company uses a standard costing system in connection with the manufacture of their product "X". Each unit of finished product contains 2 yards of a direct material. However, a 20% direct material spoilage calculated on input quantities occurs during the manufacturing process. The standard cost of the direct material is P3 per yard. For the month, the company purchased 100,000 yards of the direct material for P350,000 and used 90,000 yards to produce 40,000 units of Material X.
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,800 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,000 lbs. $0.51 per lb. Vinegar 170 gal 3.10 per gal Corn syrup 15 gal. 11.30 per gal Salt 68 lbs. 2.80 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: 3,100 lbs. of tomatoes 163 gal. of vinegar 16 gal. of corn syrup 67 lbs. of salt
Required information Journal Entries under Standard Costing (Appendix), Posting Journal Entries for Variances (Appendix) (LO 10-6, 10-9) [The following information applies to the questions displayed below.] Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.25 hour Rate, $16 per hour Quantity, 4 kilograms Price, $0.80 per kilogram Actual material purchases amounted to 240,000 kilograms at $.81 per kilogram. Actual costs incurred in the production of 50,000 units were as follows: Direct labor: $211,900 for 13,000 hours $170,100 for 210,000 kilograms Direct material: Exercise 10-31 Required: Prepare the following journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View…
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