Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

H . J . Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup pounds ) has the following standards:

H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup pounds) has the following standards:
\table[[,Standard Quantity,Standard Price],[Whole tomatoes,3,200lbs.,$0.45 per lb.],[Vinegar,180gal.,2.70 per gal.],[Corn syrup,15 gal.,10.00 per gal.],[Salt,72lbs.,2.50 per lb.]]
The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows:
3,300 lbs. of tomatoes
173gal. of vinegar
16gal. of corn syrup
71 lbs. of salt
a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent.
\table[[Ingredient,\table[[Standard Cost],[per Batch]]],[Whole tomatoes,],[Vinegar,],[Corn syrup,],[Salt,$
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

IFRS Edition

978-1118443965, 1118800532, 9781118800539, 978-0470873991

More Books

Students also viewed these Accounting questions