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Standard product cost, direct materials variance HJ. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards; Standard Quantity Standard Price Whole tomatoes 4.000 lb. $ 0.60 per lb. Vinegar 260 gal. 2.25 per gal. Corn syrup 25 gal. 28.00 per gal. Salt 100 lb. 2.25 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 K-111 were as follows: 4,250 lb. of tomatoes 275 gal. of vinegar 22 gal. of corn syrup 90 lb. of salt a. Determine the standard unit materials cost per pound for a standard batch. b. Determine the direct materials quantity variance for batch K-111, Round your answer to the nearest cent.

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

Solutions

Chapter
Section
Chapter 23, Problem 23.7EX
Textbook Problem

Standard product cost, direct materials variance

 HJ. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following standards;

  Standard Quantity Standard Price
Whole tomatoes 4.000 lb. $ 0.60 per lb.
Vinegar 260 gal. 2.25 per gal.
Corn syrup 25 gal. 28.00 per gal.
Salt 100 lb. 2.25 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 K-111 were as follows:

  4,250 lb. of tomatoes

  275 gal. of vinegar

  22 gal. of corn syrup

  90 lb. of salt

 a.    Determine the standard unit materials cost per pound for a standard batch.

 b.    Determine the direct materials quantity variance for batch K-111, Round your answer to the nearest cent.

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Chapter 23 Solutions

Accounting
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