Truly 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 (1,457 bars) are as follows:IngredientQuantityPriceCocoa420 lbs.$0.30 per lb.Sugar120 lbs.$0.60 per lb.Milk90 gal.$1.20 per gal.Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.fill in the blank 1 of 1$ per bar

The objective of the question is to calculate the standard direct materials cost per bar of…

Answered: Truly Delicious Inc. produces chocolate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Truly 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 (1,457 bars) are as follows:

Ingredient	Quantity	Price
Cocoa	420 lbs.	$0.30 per lb.
Sugar	120 lbs.	$0.60 per lb.
Milk	90 gal.	$1.20 per gal.

Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.
fill in the blank 1 of 1$ per bar

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.