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Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup...

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Accounting

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Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,400 pounds) has the following standards Standard Quantity Standard Price $ 0.54 per lb $ 3.30 per gal $12.00 per gal $ 3.00 per lb 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: 2,400 lbs. of tomatoes 125 gal. of vinegar 12 gal. of corn syrup 51 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 Salt 2,300 lbs 130 gal 11 gal 52 lbs Standard Cost per Batch 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

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