Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards Standard Quantity Standard Price $0.48 per lb. $ 2.90 per gal 10.70 per gal 2.70 per lb. 2,200 lbs. 120 gal 10 gal 48 lbs Whole tomatoes Vinegar Corn syrup Salt 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 2,300 lbs. of tomatoes 115 gal. of vinegar 11 gal. of corn syrup 47 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 Total Standard unit materials cost per pound Standard Cost per Batch b. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Ingredient Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance Materials Quantity Variance Favorable/Unfavorable