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 folle 2,300 Ibs. 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 Vinegar Corn syrup Salt Total Standard unit materials cost per pound

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 folle 2,300 Ibs. 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 Vinegar Corn syrup Salt Total Standard unit materials cost per pound

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Description: Standard Product Cost, Direct Materials VarianceCondiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards:Standard QuantityStandard PriceWhole tomatoes2,200 Ibs.$0.42

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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