Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,100 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,800 Ibs. $0.54 per Ib. Vinegar 100 gal. 3.30 per gal. Corn syrup 9 gal. 12.00 per gal. Salt 40 Ibs. 3.00 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 wer 1,900 Ibs. of tomatoes 96 gal. of vinegar 10 gal. of corn syrup 39 Ibs. of salt

Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,100 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,800 Ibs. $0.54 per Ib. Vinegar 100 gal. 3.30 per gal. Corn syrup 9 gal. 12.00 per gal. Salt 40 Ibs. 3.00 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 wer 1,900 Ibs. of tomatoes 96 gal. of vinegar 10 gal. of corn syrup 39 Ibs. of salt

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter23: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 7E: H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup...

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