Mountain Air Coffee purchases green coffee beans from various suppliers and then roasts the coffee beans in its roasting facility. (Click the icon to view the manufacturing Information.) Read the requirements? Requirement 1. What is the standard cost of producing one 25-pound case of roasted coffee beans? First, select the formula to calculate the standard cost of input. Then calculate the standard cost of each input. Finally, calculate the total standard cost of producing one 25-pound case of roasted coffee beans. (Round your answers to the nearest cent.) (1) (2) Standard cost of Input Direct materials pounds X per pound = Direct labor hours X per hour Variable manufacturing overhead machine hours X per hour Fixed manufacturing overhead machine hours x per hour Total Requirement 2. What is the standard gross profit per 25-pound case of roasted coffee beans? (Round your answers to the nearest cent.) The gross profit per 25-1b case of roasted coffee is Requirement 3. How often should the company reassess standard quantities and standard prices for Inputs? Since the price of coffee beans (3) often, the company (4) reassess standard prices often. In addition, the company (5) Ingredients. need to reassess price standards if it finds cheaper suppliers for the They (6) need to reassess quantity standards for the direct materials (7) The ompany should reassess quantity standard for overhead if (8) or reassess labor standards if the (9) changes. 1: More Info The roasted beans are sold in 25-pound cases to grocery stores and restaurants for $60 per case. Each case of roasted coffee beans requires 10 pounds of unroasted green coffee beans. The company can purchase the green coffee beans, Including freight-in and purchase discounts, for $2.50 per pound. Each case of roasted coffee beans requires 0.50 hours of direct labor in the production process. Direct laborers are paid $19 per hour, which includes payroll taxes and employee benefits. The company uses machine hours to allocate its manufacturing overhead. Each case of roasted coffee beans requires 0.10 machine hours to produce. The company expects to produce 400.000 cases of roasted coffee beans in the upcoming year. At this production volume, the company expects total variable manufacturing overhead to be $3,200,000 for the year. The company also expects to Incur $60,000 of fixed manufacturing overhead per month, or $720,000 for the year. 2: Requirements 1. What is the standard cost of producing one 25-pound case of roasted coffee beans? 2. What is the standard gross profit per 25-pound case of roasted coffee beans? 3. How often should the company reassess standard quantities and standard prices for inputs? (1) Variable overhead (3) oooo can change is not likely to change Actual quantity Standard quantity Total overhead Actual price Fixed overhead Standard price (4) 00 should should not (5) would would not (6) O will (7) O every time standard prices are checked O unless they change the recipe will not (8) the receipe changes the standard prices change they decide to change the size of the case (9) K overhead standard prices standard quantities 000 wage rate