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
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

Please help me
Ocean Company makes calendars. Information on cost per unit is as follows: Direct materials $1.50 Direct labor 1.20 Variable overhead 0.90 Variable marketing expense 0.40 Fixed marketing expenses totaled $12,000 and fixed administrative expenses totaled $32,000. The price per calendar is $15. What is the break-even point in units?
Why are some manufacturing firms switching from direct-labor hours to machine hours or throughput time as the basis for overhead application?
The total prime cost of a product was OMR6,500. The variable manufacturing overhead is calculated based on the number of direct labor hours. The variable manufacturing overhead cost per hour is five times the direct labor cost per hour. The fixed manufacturing overhead was OMR4,500. Assuming that direct labor hours were 600 and that the direct labor cost was 30% of direct materials cost, how much is the total manufacturing cost? Select one: O a. OMR18,500 O b. OMR11,000 O c. OMR43,500 O d. OMR16,500 O e. OMR39,000
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%
Wildhorse Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 2.50 pounds at $4.40 per pound Direct labor per unit: 0.40 hours at $16.00 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $20.00 per direct labor hour Compute the standard cost of one unit of product I-Tal. (Round answer to two decimal places (e.g., 2.75).) Standard cost $
Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $157,850 4,100 $ Machine Hours 324,622 14,114 2$ Inspections 119,000 3,400
Cool Pool has these costs associated with production of 25,164 units of accessory products: direct materials, $76; direct labor, $116; variable manufacturing overhead, $11; total fixed manufacturing overhead, $755,691. What is the cost per unit under the variable method? Round to the nearest penny, two decimal places.
Stargate Corporation has established the following standards for the costs of one unit of its product. The standard production overhead costs per unit are based on direct-labor hours. Calculation for standard per unit cost is as follows: Std Cost Std Qty Std Price/Rate Direct Material $ 14.40 6.00 kg $ 2.40 per kg Direct Labor $ 3.00 0.40 hour $ 7.50 per hour Variable Overhead $ 4.00 0.40 hour $ 10.0 per hour Fixed Overhead $ 4.80 0.40 hour $ 12.0 per hour Total $ 26.20 *based on practical capacity of 2,500 direct-labor hour per month During December 2020, Henry purchased 30,000 kg of direct material at a total cost of $75,000. The total wages for December were $20,000, 75% of which were for direct labor. Henry manufactured 4,500 units of product during December 2020, using 28,000kg of the direct material purchased in December and 2,100 direct-labor hours. Actual variable and fixed overhead cost were $23,100…
Fluegge Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate Direct materials 5.7 liters $ 5.40 per liter Direct labor 0.70 hours $ 20.60 per hour Variable manufacturing overhead 0.70 hours $ 5.50 per hour The company has reported the following actual results for the product for December: Actual output 4,100 units Raw materials purchased 25,100 liters Actual price of raw materials $ 4.80 per liter Actual cost of raw materials purchased $ 120,480 Raw materials used in production 23,360 liters Actual direct labor-hours 2,700 hours Actual direct labor rate $ 21.20 per hour Actual direct labor cost $ 57,240 Actual variable overhead rate $ 5.90 per hour Actual variable overhead cost $ 15,930 The raw materials price variance…
Gibson Corporation’s balance sheet indicates that the company has $580,000 invested in operating assets. During the year, Gibson earned operating income of $67,280 on $1,160,000 of sales. Required Compute Gibson’s profit margin for the year. Compute Gibson’s turnover for the year. Compute Gibson’s return on investment for the year. Recompute Gibson’s ROI under each of the following independent assumptions:(1) Sales increase from $1,160,000 to $1,392,000, thereby resulting in an increase in operating income from $67,280 to $76,560.(2) Sales remain constant, but Gibson reduces expenses, resulting in an increase in operating income from $67,280 to $69,600.(3) Gibson is able to reduce its invested capital from $580,000 to $464,000 without affecting operating income.
The total prime cost of a product was OMR3,900. The variable manufacturing overhead is calculated based on the number of direct labor hours. The variable manufacturing overhead cost per hour is five times the direct labor cost per hour. The fixed manufacturing overhead was OMR2,500. Assuming that direct labor hours were 400 and that the direct labor cost was 30% of direct materials cost, how much is the total manufacturing cost? Select one: O a. OMR25,900 O b. OMR6,400 O c. OMR25,000 O d. OMR23,400 O e. OMR10,900