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Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs....

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Accounting

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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 (2,900 pounds) has the following standards: 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: 5,000 lbs. of tomatoes 259 gal. of vinegar 24 gal. of corn syrup The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch K111 were as follows: 5,000 lbs. of tomatoes 259 gal. of vinegar 24 gal. of corn syrup 107 lbs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. b. Determine the direct materials quantity variance for batch K111. 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

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