Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,200 pounds) has the

image text in transcribed
image text in transcribed
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,200 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,000 lbs $ 0.41 per lb. Vinegar Com syrup Salt 110 gal 9 gal 44 lbs $ 2.50 per gal $ 9.10 per gal $ 2.30 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 2.100 lbs. of tomatoes 106 gal of vinegar 10 gal, of corn syrup 43 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 Standard Cost per Batch Whole tomatoes Vinegar Corn syrup Salt Total 10 ya of corn syrup 4) of salt a. Determine the standard unit materials cost per pound for a standard batch required, round amounts to the nearest cent Ingredient Standard Cost per Batch Whole tomatoes Vinegar Corn syrup Salt Total Standard unit materials cost per pound b. Determine the direct matural quantity variance for batch K-111. If required, round amounts to the nearest cant Enter a favorable variance a negative number using a minut sign and an unfavorable variance as a positive number Ingredient Materials Quantity Variance Favorable/Unfavorable Whole tomatoes Vinegar Com syrup Total direct materials quantity variance

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

Financial Accounting An Introduction

Authors: Alex Watson, Jacqui Kew

5th Edition

0190425520, 978-0190425524

More Books

Students also viewed these Accounting questions

Question

=+c. Savings as the Star focus on price.

Answered: 1 week ago

Question

=+b. Product-Focused emphasize product features.

Answered: 1 week ago