Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need assistance with the materials quantity variance Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that

image text in transcribed

I need assistance with the materials quantity variance

image text in transcribedimage text in transcribed

Standard 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 Whole tomatoes Vinegar Corn syrup salt 1,500 lbs. 80 gal. 7 gal. 32 lbs. $ 0.40 per lb. $ 2.40 per gal. $ 8.90 per gal. $ 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 K-111 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. Ingredient Whole tomatoes Vinegar Corn syrup salt -ratal Standard Cost per Batch

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

Step: 3

blur-text-image

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

Government and Not-for-Profit Accounting Concepts and Practices

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese, Daniel L. Smith

8th edition

1119495814, 1119495857, 1119495819, 9781119495819 , 978-1119495857

More Books

Students also viewed these Accounting questions

Question

2.16 Prove Theorem 2.12.

Answered: 1 week ago