Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,000 bars) are as follows: Ingredient Quantity Price Cocoa 500 lbs. $1.40 per lb. Sugar 100 lbs. $0.50 per lb. Milk 250 gal. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places. $fill in the blank 1 per bar

Standard direct materials cost per bar of chocolate = $0.23 per bar

Explanation:

This can be calculated as follows:

Total standard cost of cocoa in a batch = 500 * $1.40 = $700

Total standard cost of Sugar in a batch = 100 * 0.50 = $50

Total standard cost of Milk in a batch = 250 * 1.60 = $400

Total standard costs for a batch of chocolate = $700 + $50 + $400 = $1,150

Number bars of chocolate in batch = 5,000

Therefore, we have:

Standard direct materials cost per bar of chocolate = Total standard costs for a batch of chocolate / Number bars of chocolate in batch = $1,150 / 5,000 = $0.23 per bar

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