tandard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (900 pounds) has the following standards: Standard Quantity Standard Price 1,500 lbs. $0.40 per lb. Whole tomatoes Vinegar 80 gal. 2.40 per gal. Corn syrup 7 gal. 8.90 per gal. Salt 32 lbs. 2.20 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 follows: 1,600 lbs. of tomatoes 77 gal. of vinegar 8 gal. of corn syrup 31 lbs. 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 per Batch Ingredient Whole tomatoes Vinegar Corn syrup Salt 3000

tandard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (900 pounds) has the following standards: Standard Quantity Standard Price 1,500 lbs. $0.40 per lb. Whole tomatoes Vinegar 80 gal. 2.40 per gal. Corn syrup 7 gal. 8.90 per gal. Salt 32 lbs. 2.20 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 follows: 1,600 lbs. of tomatoes 77 gal. of vinegar 8 gal. of corn syrup 31 lbs. 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 per Batch Ingredient Whole tomatoes Vinegar Corn syrup Salt 3000

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Description: 4 Standard Product Cost, Direct Materials VarianceCondiments Company uses standards to control its materials costs. Assume that a batch of ketchup (900 pounds) has the following standards:Standard Quantity Standard Price1,500 lbs.$0.40 per lb.80 gal.

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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