Standard Product Cost, Direct Materials Variance

Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup $(1,800$ pounds$)$ has the following standards:

Standard Quantity Standard Price

Whole tomatoes $3,000$ lbs$.$ $ $0\mathrm{.}47$ per lb$.$

Vinegar $170$ gal. $ $2\mathrm{.}90$ per gal.

Corn syrup $15$ gal. $ $10\mathrm{.}40$ per gal.

Salt $68$ lbs$.$ $ $2\mathrm{.}60$ 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:

$3,100$ lbs$.$ of tomatoes

$163$ gal. of vinegar

$16$ gal. of corn syrup

$67$ lbs$.$ of salt