个→ C#becausesneaker....HW CH 23IngredientWhole tomatoesVinegarCorn syrupSaltStandard Product Cost, Direct Materials VarianceH.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,000 pounds) has the following standards:Standard Price$0.38 per lb.Standard QuantityWhole tomatoes3,300 lbs.190 gal.Vinegar2.3 per gal.Corn syrup16 gal.8.4 per gal.Salt76 lbs.2.1 per lb.The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials forbatch K-111 were as follows:3,400 lbs. of tomatoes182 gal. of vinegar17 gal, of corn syrup75 lbs. of salta. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent.StandardCostper BatchIngredientWhole tomatoesVinegarv2.cengagenow.com/ilr... Q <Custom OrderCorn syrupTotalStandard unit materials cost per poundb. Determine the direct materials quantity variance for batch K-111. If required, round amounts to the nearest cent. Enter a favorablevariance as a negative number using a minus sign and an unfavorable variance as a positive number.FeedbackSaltTotal direct materials quantity variance)$$Q < ✩$$MaterialsQuantityVariance$* O 14 + :$Favorable/Unfavorable✔UnfavorableFavorableUnfavorable VFavorable✓Unfavorable✓Check My WorkUnfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit).The direct material cost variance is the difference between the actual and standard material cost.Remember the process discussed in chapter for calculating standard cost.?

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Description: 个→ C#becausesneaker....HW CH 23IngredientWhole tomatoesVinegarCorn syrupSaltStandard Product Cost, Direct Materials VarianceH.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,000 pounds) has the follo

Standard Unit Material Cost Per Unit- The total standard direct materials cost (TDSMC) per unit of a…

andard Product Cost, Direct Materials Variance J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,000 pounds) has the following standards: Standard Quantity Standard Price 3,300 lbs. $ 0.38 per lb. 190 gal. 2.3 per gal. 16 gal. 8.4 per gal. 76 lbs. 2.1 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: Whole tomatoes Vinegar Corn syrup Salt 3,400 lbs. of tomatoes 182 gal. of vinegar 17 gal, of corn syrup 75 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Standard Cost per Batch Ingredient 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 Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance Materials Quantity Variance Favorable/ Unfavorable Unfavorable Favorable Unfavorable Favorable Unfavorable ✓ ✔ -✓ ✓

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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#becausesneaker....
HW CH 23
Ingredient
Whole tomatoes
Vinegar
Corn syrup
Salt
Standard Product Cost, Direct Materials Variance
H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (2,000 pounds) has the following standards:
Standard Price
$0.38 per lb.
Standard Quantity
Whole tomatoes
3,300 lbs.
190 gal.
Vinegar
2.3 per gal.
Corn syrup
16 gal.
8.4 per gal.
Salt
76 lbs.
2.1 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:
3,400 lbs. of tomatoes
182 gal. of vinegar
17 gal, of corn syrup
75 lbs. of salt
a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent.
Standard
Cost
per Batch
Ingredient
Whole tomatoes
Vinegar
v2.cengagenow.com/ilr... Q <
Custom Order
Corn syrup
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.
Feedback
Salt
Total direct materials quantity variance)
$
$
Q < ✩
$
$
Materials
Quantity
Variance
$
* O 14 + :
$
Favorable/
Unfavorable
✔
Unfavorable
Favorable
Unfavorable V
Favorable
✓
Unfavorable
✓
Check My Work
Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit).
The direct material cost variance is the difference between the actual and standard material cost.
Remember the process discussed in chapter for calculating standard cost.
?

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