Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th
13th Edition
ISBN: 9781305781429
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 22, Problem 22.1EX
To determine
In the accounting records, the term standard cost refers to the practice of replacement of an expected cost for an actual cost. Then the difference between the expected costs, and actual costs showing the variance are also recorded periodically. A standard costs is also known as target cost or predetermined cost.
To determine: The standard direct materials cost per bar of chocolate.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Standard Direct Materials Cost per Unit
Crazy 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 (3,350 bars) are as follows:
Ingredient
Quantity
Price
Cocoa
480 Ibs.
$0.30 per Ib.
Sugar
150 Ibs.
$0.60 per Ib.
Milk
120 gal.
$1.40 per gal.
Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.
per bar
Standard Direct Materials Cost per Unit
Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,600
bars) are as follows:
Ingredient
Quantity
Price
Cocoa
480 Ibs.
$0.30 per Ib.
Sugar
150 Ibs.
$0.60 per Ib.
Milk
120 gal.
$1.30 per gal.
Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.
per bar
Standard Direct Materials Cost per Unit
Billingsly Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (7,100 bars) are as follows:
Ingredient
Quantity
Price
Cocoa
600 Ibs.
$1.25 per Ib.
Sugar
120 Ibs.
$0.50 per Ib.
Milk
180 gal.
$2.60 per gal.
Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.
$
per bar
Chapter 22 Solutions
Bundle: Financial & Managerial Accounting, Loose-leaf Version, 13th + CengageNOWv2, 1 term (6 months) Printed Access Card Corporate Financial ... Access Card for Managerial Accounting, 13th
Ch. 22 - What are the basic objectives in the use of...Ch. 22 - What is meant by reporting by the principle of...Ch. 22 - Prob. 3DQCh. 22 - The materials cost variance report for Nickols...Ch. 22 - Prob. 5DQCh. 22 - Prob. 6DQCh. 22 - Prob. 7DQCh. 22 - A. Describe the two variances between the actual...Ch. 22 - If variances are recorded in the accounts at the...Ch. 22 - Briefly explain why firms might use non financial...
Ch. 22 - Direct materials variances Lo-bed Company produces...Ch. 22 - Direct materials variances Dvorak Company produces...Ch. 22 - Prob. 22.2APECh. 22 - Prob. 22.2BPECh. 22 - Prob. 22.3APECh. 22 - Prob. 22.3BPECh. 22 - Prob. 22.4APECh. 22 - Prob. 22.4BPECh. 22 - Prob. 22.5APECh. 22 - Prob. 22.5BPECh. 22 - Prob. 22.6APECh. 22 - Income statement with variances Prepare a 2016...Ch. 22 - Prob. 22.7APECh. 22 - Prob. 22.7BPECh. 22 - Prob. 22.1EXCh. 22 - Standard product cost Wood You Lie To Me Furniture...Ch. 22 - Budget performance report Genie in a Bottle...Ch. 22 - Direct materials variances The following data...Ch. 22 - Direct materials variances Silicone Engine Inc....Ch. 22 - Standard direct materials cost per unit from...Ch. 22 - Standard product cost, direct materials variance...Ch. 22 - Direct labor variances The following data relate...Ch. 22 - Direct labor variances Greeson Clothes Company...Ch. 22 - Prob. 22.11EXCh. 22 - Direct labor standards for a service company One...Ch. 22 - Direct labor variances for a service company...Ch. 22 - Direct materials and direct labor variances At the...Ch. 22 - Flexible overhead budget Leno Manufacturing...Ch. 22 - Flexible overhead budget Wiki Wiki Company has...Ch. 22 - Factory overhead cost variances The following data...Ch. 22 - Factory overhead cost variances Blumen Textiles...Ch. 22 - Factory overhead variance corrections The data...Ch. 22 - Factory overhead cost variance report Tannin...Ch. 22 - Recording standards in accounts Cioffi...Ch. 22 - Recording standards in accounts "The Assembly...Ch. 22 - Prob. 22.23EXCh. 22 - Nonfinancial performance measures Diamond Inc. is...Ch. 22 - Prob. 22.25EXCh. 22 - Direct materials and direct labor variance...Ch. 22 - Flexible budgeting and variance analysis I Love My...Ch. 22 - Direct materials, direct labor, and factory...Ch. 22 - Factory overhead cost variance report Tiger...Ch. 22 - Standards for nonmanufacturing expenses Code Head...Ch. 22 - Direct materials and direct labor variance...Ch. 22 - Flexible budgeting and variance analysis I'm...Ch. 22 - Direct materials, direct labor, and factory...Ch. 22 - Factory overhead cost variance report Feeling...Ch. 22 - Prob. 22.5BPRCh. 22 - Prob. 1CPPCh. 22 - Ethics in Action Dash Riprock is a cost analyst...Ch. 22 - Prob. 22.2CPCh. 22 - Variance interpretation You have been asked to...Ch. 22 - Variance interpretation Vanadium Audio Inc. is a...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Standard Direct Materials Cost per Unit Crazy 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 (2,471 bars) are as follows: Ingredient Cocoa Sugar Milk Quantity 570 lbs. 180 lbs. 150 gal. tA Price $0.30 per lb. $0.60 per lb. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. per bararrow_forwardStandard Direct Materials Cost per Unit Billingsly Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (7,100 bars) are as follows: Ingredient Quantity PriceCocoa 600 lbs. $1.25 per lb.Sugar 120 lbs. $0.50 per lb.Milk 180 gal. $2.60 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.arrow_forwardCrazy 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 (5,000 bars) are as follows: Ingredient Quantity Price Cocoa 500 lbs. $1.40 per lb. Sugar 100 lbs. $0.50 per lb. Milk 250 gal. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate.arrow_forward
- 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 bararrow_forwardQuestion 1) Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard cost for a batch of chocolate (2,880 bars) are as follows: Ingredient Quantity Price Cocoa 540lbs $0.30 per lb. Sugar 150lbs $0.60 per lb. Milk 120gal $1.50 per gal. Determine thte standard direct materials cost per bar of chocolate. If required, round to the nearest cent. $_______ per bar __________________________________________________________ Question 2) Refer to the picturearrow_forwardSharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Cocoa Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar Dark chocolate Light chocolate Actual Price per Pound $4.90 1.24 Required: a. Dark Chocolate 4,000 cases $15.50 per hr. Standard Amount Standard Amount per Case per Case Dark Chocolate Light Chocolate Sharon's Delights Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Sharon's Delights Chocolate Company had the following actual results: Dark Chocolate Light Chocolate 4,500 Actual Labor Rate $15.25 per hr. 15.80 per hr. 8 lbs. 5 lbs. 0.50 hr. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct labor time variance Total direct labor cost…arrow_forward
- a. Determine the total costs and the total cost amount per unit for the production and sale of 1,000 mini-bars.arrow_forwardI Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound 7 Ibs. Сосоа 10 Ibs. $5.00 Sugar 8 Ibs. 12 Ibs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,400 cases 14,000 cases Standard labor rate $14.50 per hr. $14.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,100 14,600 Actual Price per Pound Actual Pounds Purchased and Used Сосоа $5.10 154,000 Sugar 0.55 210,600 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.00 per hr. 1,390 Light chocolate 15.00 per hr. 5,990 Required:arrow_forwardI Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Cocoa Dark Chocolate Light Chocolate Standard Price per Pound 9 lb. 6 lb. 7 lb. 11 lb. $5.2 0.6 Sugar Standard labor 0.4 hr. 0.5 hr. time Planned production Standard labor rate Dark Chocolate Light Chocolate 4,200 cases $16.5 per hr. 10,000 cases $16.5 per hr. I Love My Chocolate does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Actual production (cases) Light Chocolate 10,400 Actual Pounds Purchased and Used 4,000 Actual Price per Pound Cocoa Sugar $5.3 0.55 98,900 138,800 Actual Labor Rate Actual Labor Hours Used Dark chocolate $16.2 per hr. 16.8 per hr. 1,460 5,330 Light chocolate Required: Prepare the following variance analyses for both chocolates and…arrow_forward
- I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lb. 9 lb. $4.4 Sugar 10 lb. 14 lb. 0.6 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,300 cases 13,800 cases Standard labor rate $16 per hr. $16 per hr. I Love My Chocolate does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,100 14,400 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.5 179,700 Sugar 0.55 236,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.6 per hr. 1,120 Light chocolate…arrow_forwardI Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 9 lbs. $5.00 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,200 cases 12,100 cases Standard labor rate $15.50 per hr. $15.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,000 12,600 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.10 162,200 Sugar 0.55 211,000 Actual Labor Rate Actual Labor Hours Used Dark…arrow_forwardI Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 9 lbs. $5.00 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,200 cases 12,100 cases Standard labor rate $15.50 per hr. $15.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,000 12,600 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.10 162,200 Sugar 0.55 211,000 Actual Labor Rate Actual Labor Hours Used Dark…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
What is variance analysis?; Author: Corporate finance institute;https://www.youtube.com/watch?v=SMTa1lZu7Qw;License: Standard YouTube License, CC-BY