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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Calculating the Direct Labor Mix Variance Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia uses two types of direct labor: machine operators and packers. Mangia developed the following standard mix for spreading on premade pizza shells to produce 15 giant-size sausage pizzas. Standard Direct Labor Mix Mix Proportion SP Cost Machine operators 0.5 hr. $15 $ 7.50 0.50 Packers 0.5 0.50 12 6.00 Total 1.0 hr. $13.50 Mangia's recent batch (designed to produce 300 pizzas) used 300 direct labor hours. Of the total, 120 were for machine operators, and the remaining 180 hours were for packers. The actual yield was 780 pizzas. Required: Instructions for parts 2 and 3: If a variance is zero, enter "o" and select "Not applicable" from the drop down box. 1. Calculate the standard mix (SM) in hours for machine operators and for packers. Machine operators X hours Packers X hours 2. Calculate the mix variance. x Favorable 3. Calculate the actual proportion of hours…
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Neighborhood Farming LLC. manufactures frozen vegetables and provided the following information related to their direct labor costs: Rate Hour per unit Standard $15.60 0.80 Actual $17.00 0.60 Actual production was 6,000 units of packaged vegetables while the planned production was 5,000 units. Determine the direct labor cost variance. Group of answer choices $13,680 unfavorable -$18,720 favorable $18,720 unfavorable -$13,680 favorable
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