Question: **Please use numbers given** Please answer the blank boxes in (a) and (b) - thank you!! :) Standard Product Cost, Direct Materials Variance Condiments Company

**Please use numbers given** Please answer the blank boxes in (a) and (b) - thank you!! :)

**Please use numbers given** Please answer the blank boxes in (a) and(b) - thank you!! :) Standard Product Cost, Direct Materials Variance Condiments

Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (800 pounds) has the following standards: Whole tomatoes Vinegar Corn syrup Standard Quantity 1,300 lbs. 70 gal. 6 gal. Standard Price $0.36 per Ib. $ 2.20 per gal. $ 8.00 per gal. $ 2.00 per Ib. Salt 28 lbs. 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: 1,400 lbs. of tomatoes 67 gal. of vinegar 7 gal. of corn syrup 27 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 Standard Cost per Batch Whole tomatoes 468 Vinegar 154 A Corn syrup A $_ $ $ $ 154 48 56 726 Salt A 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 Materials Quantity Variance Favorable/Unfavorable Whole tomatoes Unfavorable Vinegar Favorable Corn syrup Unfavorable Salt Favorable Total direct materials quantity variance Unfavorable

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