Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: Standard...

Extracted text: Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,200 Ibs. $0.42 per Ib. Vinegar 120 gal. 2.60 per gal. Corn syrup 10 gal. 9.30 per gal. Salt 48 Ibs. 2.30 per Ib. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows 2,300 lbs. of tomatoes 115 gal. of vinegar 11 gal. of corn syrup 47 Ibs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Standard Cost Ingredient per Batch Whole tomatoes 2$ Vinegar Corn syrup Salt Total Standard unit materials cost per pound %24