Business, 25.05.2021 01:10 jscout2468

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. $0.45 per lb.
Vinegar 230 gal. $2.70 per gallon.
Corn syrup 20 gal. $10.00 per gal.
Salt 92 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 K-111 were as follows:
4,400 lbs. of tomatoes
221 gal. of vinegar
21 gal. of corn syrup
91 lbs. of salt
a. Determine the standard unit materials cost per pound for a standard batch.
b. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent.

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Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its m...