Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:( 2)Standard(1) StandardQuantity orStandardPriceCost(1) × (2)$34.44$15.70$ 9.40InputsDirect materialsHoursor Rate2.10 pounds$16.40 per pound$15.70 per hour$ 9.40 per hourDirect labor1.00 hoursVariable manufacturing overhead1.00 hours$59.54Total standard cost per unitTotalVariances ReportedPriceQuantity orEfficiency$StandardCost*or Rate$654,360 $ 12,151 F$298,300 $ 4,000 U$ 32,800 U$Direct materialsDirect labor$ 15,700 UVariable manufacturing overhead$178,600 $ 4,400 F*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 purchasedduring 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.)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?1.Number of units produced19,0002.Pounds of direct material purchased and used in production3.Actual cost per pound4.Actual direct labor-hours5.Actual rate per direct labor-hour6.Actual variable manufacturing overhead cost

Name: Vitex, Inc. manufactures a popular consumer product and it has provid
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Description: Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:( 2)Standard(1) StandardQuantity orStandardPriceCost(1) × (2)$34.44$15.70$ 9.40InputsDirect materialsHoursor Rate2.10 p

We should know the formula first then we should proceed further. 6. Actual manufacturing overhead…

Business

Accounting

How many units were produced last period? How many pounds of direct material were purchased and used in production? What was the actual cost per pound of material? (Round your answer to 2 decimal places.) How many actual direct labor-hours were worked during the period? What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) How much actual variable manufacturing overhead cost was incurred during the period?

How many units were produced last period? How many pounds of direct material were purchased and used in production? What was the actual cost per pound of material? (Round your answer to 2 decimal places.) How many actual direct labor-hours were worked during the period? What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) How much actual variable manufacturing overhead cost was incurred during the period?

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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XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr), and the third is based on quantity produced (Q). The results were: [Y=$95,000 + $9×DLH; R-square = 0.85); [Y= $120,000 + $5xMhr; R-square = 0.15]; [Y=190,000+2Q; R-square=0.45]. How much of the variations on the overhead costs is explained by the direct labor hours (DLH)? Select one: O a. 55% O b. None of the answers given O c. 15% O d. 85% O e. 45%
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