Standard Product Cost, Direct Materials VarianceH.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards:Standard Quantity Standard Price5,000 lbs.$0.75 per lb.350 gal.0.90 per gal.40 gal.7.50 per gal.125 lbs.1.80 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 fol4,900 lbs. of tomatoes375 gal. of vinegar36 gal. of corn syrup140 lbs. of saltWhole tomatoesVinegarCorn syrupSalta. Determine the standard unit materials cost per pound for a standard batch. Round the per unit answer to the nearest whole cent.Standard Costper BatchIngredientWhole tomatoesVinegarCorn syrupSaltTotalStandard unit materials cost per poundh Determine the direct matoUITGENquantity variance for hatch 08-90 Tf romui

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Description: Standard Product Cost, Direct Materials VarianceH.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards:Standard Quantity Standard Price5,000 lbs.$0.75 per lb.350 ga

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Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price 5,000 lbs. 350 gal. 40 gal. 125 lbs. Whole tomatoes Vinegar Corn syrup Salt $0.75 per lb. 375 gal. of vinegar 36 gal. of corn syrup 140 lbs. of salt 0.90 per gal. 7.50 per gal. 1.80 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 4,900 lbs. of tomatoes

Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price 5,000 lbs. 350 gal. 40 gal. 125 lbs. Whole tomatoes Vinegar Corn syrup Salt $0.75 per lb. 375 gal. of vinegar 36 gal. of corn syrup 140 lbs. of salt 0.90 per gal. 7.50 per gal. 1.80 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 4,900 lbs. of tomatoes

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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find materials price variance
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