Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs....
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Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (900 pounds) has the following standards: Standard Price $0.46 per lb $ 2.80 per gal 10.20 per gal $ 2.60 per lb Standard Quantity 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 1,600 lbs. of tomatoes 77 gal. of vinegar 8 gal. of corn syrup 31 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 1,500 lbs 80 gal 32 lbs Standard Cost per Batch
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