Question: 4 . . . please answer asap Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that
Standard Product Cost, Direct Materials Variance H.J. Heinz 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 Vinegar Corn syrup salt 2,800 lbs. 160 gal. 14 gal. 64 lbs. $0.45 per lb. 2.70 per gal. 10.00 per gal. 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: 2,900 lbs. of tomatoes 154 gal. of vinegar 15 gal. of corn syrup 63 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 08-99. 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. Materials Quantity Variance Ingredient Whole tomatoes Vinegar Corn syrup salt Total direct materials quantity variance Favorable/ Unfavorable
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