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Nash Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 1,980 ounces of grape concentrate at $0.01 per ounce 54 pounds of granulated sugar at $0.35 per pound 60 lemons at $0.60 each 50 yeast tablets at $0.20 each 50 nutrient tablets at $0.10 each 1,200 ounces of water at $0.005 per ounce Nash estimates that 1% of the grape concentrate is wasted, 10% of the sugar is lost, and 25% of the lemons cannot be used. Compute the standard cost of the ingredients for one gallon of wine. (Round intermediate calculations and final answer to 2 decimal places, e.g. 1.25.) Standard Cost Per Gallon $ Sheridan Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (9 pounds at $3.80 per pound) $34.20 Direct labor (5 hours at $11.00 per hour) $55.00 During the month of April, the company manufactures 260 units and incurs the following actual costs. Direct materials purchased and used (2,100 pounds) $8,190 Direct labor (1,310 hours) $14,148 Compute the total, price, and quantity variances for materials and labor. Total materials variance $ Materials price variance $ Neither favorable nor unfavorable Unfavorable Favorable Materials quantity variance $ $ > Total labor variance Labor price variance $ Labor quantity variance $ 4 PHAROAH CORPORATION Variance Report-Purchasing Department For Week Ended January 9, 2020 Standard Price Type of Materials Quantity Purchased Actual Price Price Variance Explanation Rogue11 lbs. $5.15 $4.95 $5,200 Price increase Storm17 7,600 oz. $3.30 $380 Unfavorable Rush order Beast29 21,400 units $0.40 $ $428 Favorable Bought larger quantity