Question

Standard Product Cost, Direct Materials Variance

Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,700 pounds) has the following standards:

Standard Quantity |
Standard Price |
|||

Whole tomatoes | 4,500 | lbs. | $ 0.48 | per lb. |

Vinegar | 250 | gal. | $ 2.90 | per gal. |

Corn syrup | 22 | gal. | $ 10.70 | per gal. |

Salt | 100 | lbs. | $ 2.70 | 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:

4,700 lbs. of tomatoes |

240 gal. of vinegar |

23 gal. of corn syrup |

99 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 | $ |

Standard unit materials cost per pound | $ |

**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 |
Materials Quantity Variance |
Favorable/Unfavorable |

Whole tomatoes | $ | |

Vinegar | $ | |

Corn syrup | $ | |

Salt | $ | |

Total direct materials quantity variance | $ |

Check My Work2 more Check My Work uses remaining.

Answer #1

Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,400 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
2,300
lbs.
$ 0.54
per lb.
Vinegar
130
gal.
$ 3.30
per gal.
Corn syrup
11
gal.
$ 12.00
per gal.
Salt
52
lbs.
$ 3.00
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual...

Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (2,500 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
4,200
lbs.
$ 0.42
per lb.
Vinegar
230
gal.
$ 2.60
per gal.
Corn syrup
20
gal.
$ 9.30
per gal.
Salt
92
lbs.
$ 2.30
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual...

Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,700 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
2,800
lbs.
$ 0.51
per lb.
Vinegar
160
gal.
$ 3.10
per gal.
Corn syrup
14
gal.
$ 11.30
per gal.
Salt
64
lbs.
$ 2.80
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual...

Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (2,700 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
4,500
lbs.
$ 0.44
per lb.
Vinegar
250
gal.
$ 2.70
per gal.
Corn syrup
22
gal.
$ 9.80
per gal.
Salt
100
lbs.
$ 2.40
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual...

Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,600 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
2,700
lbs.
$ 0.43
per lb.
Vinegar
150
gal.
2.6
per gal.
Corn syrup
13
gal.
9.6
per gal.
Salt
60
lbs.
2.4
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual quantities of
materials...

Standard product cost, direct materials variance
Condiments company uses standards to control its materials cost.
Assume that a batch of ketchup (2,500 pounds) has the following
standards:
Standard Quantity Standard price
Whole tomatoe 4,200 lbs. $0.54 per lb.
Vinegar 230 gal. $ 3.30 per gal.
Corn syrup 20 gal. $ 12.00 per gal.
Salt 92 lbs. $ 3.00 per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual quantities...

Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (2,100 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
3,500
lbs.
$ 0.36
per lb.
Vinegar
200
gal.
$ 2.20
per gal.
Corn syrup
17
gal.
$ 8.00
per gal.
Salt
80
lbs.
$ 2.00
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...

Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,000 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
1,700
lbs.
$0.52
per lb.
Vinegar
90
gal.
3.20
per gal.
Corn syrup
8
gal.
11.60
per gal.
Salt
36
lbs.
2.90
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 08-99 were as follows:
1,800...

Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,900 pounds) has the
following standards: Standard Quantity Standard Price Whole
tomatoes 3,200 lbs. $0.45 per lb. Vinegar 180 gal. 2.70 per gal.
Corn syrup 15 gal. 10.00 per gal. Salt 72 lbs. 2.50 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 08-99 were as follows: 3,300...

Jones 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.
$ 0.42
per lb.
Vinegar
110
gal.
$ 2.60
per gal.
Corn syrup
9
gal.
$ 9.30
per gal.
Salt
44
lbs.
$ 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...

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