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3 Cost* $ 551,100 $ 235,500 $ 144,000 Price or Rate $ 10,150 F $ 3,200 U $ 4,400 F Efficiency $ 33,400 U $ 15,700 U $ 2+ U he period. head cost is applied to production on the basis of direct labor-ho

3 Cost* $ 551,100 $ 235,500 $ 144,000 Price or Rate $ 10,150 F $ 3,200 U $ 4,400 F Efficiency $ 33,400 U $ 15,700 U $ 2+ U he period. head cost is applied to production on the basis of direct labor-ho

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What the answer for 5 it’s not 15.70 or 1.20
Direct materials Direct labor Variable manufacturing overhead Total Standard Cost* $ 551,100 $ 235,500 $ 144,000 Price or Rate $ 10,150 F $ 3,200 U $ 4,400 F Variances Reported Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Required: 1. How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) Answer is not complete. 1. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? 15,000 35,000 $16.41✓ 16,000 $ Quantity or Efficiency $ 33,400 U $ 15,700 U $ 2+ U 149,200 Prev 1 of 5 Next > Return
Transcribed Image Text:Direct materials Direct labor Variable manufacturing overhead Total Standard Cost* $ 551,100 $ 235,500 $ 144,000 Price or Rate $ 10,150 F $ 3,200 U $ 4,400 F Variances Reported Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. Required: 1. How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) Answer is not complete. 1. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours 5. Actual rate per direct labor-hour 6. Actual variable manufacturing overhead cost 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? 15,000 35,000 $16.41✓ 16,000 $ Quantity or Efficiency $ 33,400 U $ 15,700 U $ 2+ U 149,200 Prev 1 of 5 Next > Return
Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Total Standard Cost* $ 551,100 $ 235,500 $ 144,000 Required: 1. How many units were produced last period? 1. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours C Antial rato por direct lahor hair (2) Standard Price or Standard Cost (1) × (2) $ 36.74 $15.70 $9.60 $ 62.04 Variances Reported Rate $ 16.70 per pound $15.70 per hour $9.60 per hour Price or Rate $ 10,150 F $ 3,200 U $ 4,400 F Direct materials Direct labor Variable manufacturing overhead Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. $ 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? Prev Quantity or Efficiency $ 33,400 U $ 15,700 U $ 2¹ U 15,000 35,000 16.41 16,000 wwwwwwwwwww 1 of 5 ⠀⠀ Next > Check n
Transcribed Image Text:Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit (1) Standard Quantity or Hours 2.20 pounds 1.00 hours 1.00 hours Total Standard Cost* $ 551,100 $ 235,500 $ 144,000 Required: 1. How many units were produced last period? 1. Number of units produced 2. Pounds of direct material purchased and used in production 3. Actual cost per pound 4. Actual direct labor-hours C Antial rato por direct lahor hair (2) Standard Price or Standard Cost (1) × (2) $ 36.74 $15.70 $9.60 $ 62.04 Variances Reported Rate $ 16.70 per pound $15.70 per hour $9.60 per hour Price or Rate $ 10,150 F $ 3,200 U $ 4,400 F Direct materials Direct labor Variable manufacturing overhead Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. $ 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? Prev Quantity or Efficiency $ 33,400 U $ 15,700 U $ 2¹ U 15,000 35,000 16.41 16,000 wwwwwwwwwww 1 of 5 ⠀⠀ Next > Check n
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